Canadian retailer Loblaw Companies Q4 FY20 sales grow 7%

08 Mar '21

1 min read

Pic: Joe Fresh/ Loblaw Companies

Loblaw Companies Ltd, a Canadian food retailer (also retails apparel brands), posted 7.1 per cent sales growth to $12.4 billion (Canadian dollars) in its fourth quarter (Q4) FY20 ended on January 2, 2021 compared to sales of $11.5 billion in same period previous fiscal. Operating income for Q4 rose to $702 billion (Q4 FY19: $541 million).

Company’s e-commerce sales increased 160 per cent compared to same quarter last year.

“In stores and online, our network met the challenge of outsized sales growth, keeping Canadians fed and well,” Galen G Weston, executive chairman, Loblaw Companies Limited, said in a press release.

Retail segment sales which includes in-store pharmacies and other health and beauty products and apparel and other general merchandise, grew 7.5 per cent to $12,165 million.

“Our purpose – helping Canadians live life well – has inspired ongoing commitments to colleague safety, lower prices, and strategic services that matter to customers. Looking ahead, we have financial momentum, our strategy has advanced, and our core business is well positioned,” Weston said.

Fibre2Fashion News Desk (JL)

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