Canadian retailer Loblaw's revenue surges 4.5% in Q1 FY24

03 May '24

2 min read

Canadian retailer Loblaw Companies Limited has reported a revenue of $13,581 million in the first quarter of fiscal 2024 (Q1 FY24), marking a substantial increase of $586 million, or 4.5 per cent, compared to the same period last year. Retail segment sales surged to $13,290 million, indicating a notable growth of $555 million, or 4.4 per cent, with e-commerce sales experiencing a remarkable increase of 16.1 per cent.

Operating income witnessed a significant rise to $861 million, reflecting a $92 million increase, or 12 per cent, while adjusted EBITDA reached $1,544 million, up by $96 million, or 6.6 per cent. Notably, the retail segment gross profit percentage saw an uptick to 31.6 per cent, with a 30 basis points increase, the company said in a press release.

Diluted net earnings per common share stood at $1.47, showing an impressive increase of $0.18, or 14 per cent, while adjusted diluted net earnings per common share reached $1.72, indicating a noteworthy increase of $0.17, or 11 per cent.

“We continued to deliver value, quality and service across our various banners, which led to more customers choosing our stores,” said Per Bank, president and chief executive officer, Loblaw Companies Limited. “Our dedicated colleagues, strategic plan and unique assets position us well to best serve the needs of Canadians today and in the future.”

Fibre2Fashion News Desk (DP)

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