Loblaw reports 6.9% sales rise in Q3 FY20 to $15.6 bn

13 Jan '21

1 min read

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Loblaw Companies Ltd, a Canadian food retailer (also retails apparel brands), posted 6.9 per cent sales growth to $15,671 million (Canadian dollars) in its third quarter (Q3) FY20 ended on October 3, 2020 compared to sales of $14,655 million in same period previous fiscal. Operating income for Q3 rose 4.1 per cent to $718 million (Q3 FY19: $690 million).

Company’s e-commerce sales increased 175 per cent in Q3 FY20, across the grocery, pharmacy, and apparel e-commerce platforms.

“Loblaw delivered strong operating performance in the quarter, while investing in providing exceptional value, safety and convenience,” Galen Weston, executive chairman, Loblaw Companies Limited, said in a press release.

Retail segment sales increased 6.7 per cent, due to positive same-store sales growth and a net increase in retail square footage.

“We continued to build for the future, expanding our digital network and leveraging our PC Optimum loyalty programme to create even more value for Canadian families,” Weston said.

Fibre2Fashion News Desk (JL)

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