Canadian retailer Loblaw's revenue grows to C$16.05 mn in Q3 FY2021

02 Dec '21

1 min read

Pic: Colin Temple | Dreamstime.com

Canada-based Loblaw Companies Ltd has reported a revenue growth of 2.4 per cent to C$16,050 million in Q3 FY2021. This increase was majorly driven by a rise in retail sales of C$367 million due to positive same-store sales growth and a net increase in retail square footage. The operating income also grew by 20.2 per cent compared to Q3 FY2020.

“In the third quarter, our focus on core retail execution and an enthusiastic consumer response drove another quarter of strong financial results,” Galen G Weston, president and chairman of the company, said in a press release.

The company’s net earnings available to common shareholders also increased by C$89 million reaching to C$431 million compared with the third quarter of 2020 while the diluted net earnings per common share were C$1.27 as it grew by C$0.31 or 32.3 per cent when compared to the third quarter of 2020.

On the other hand, the group repurchased 3.4 million common shares for cancellation at a cost of C$300 million and 13.6 million common shares at a cost of C$1,000 million on a year-to-date basis. It also invested C$330 million in capital expenditures and generated C$455 million of free cash flow.

Fibre2Fashion News Desk (DD)

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