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Loblaw reports 7.4% sales rise in Q2 FY20
23 Jul 20 1 min read
Loblaw Companies Limited, a Canadian food retailer (also retails apparel brands), posted 7.4 per cent sales growth to $11,957 million (Canadian dollars) in second quarter (Q2) FY20 ended on June 13, 2020 compared to sales of $11,133 million in same period prior year. Operating income for the quarter fell 31.3 per cent to $404 million (Q2 FY19: $588 million).
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“Loblaw delivered strong operational performance, as both our base business and strategic growth pillars performed well amidst the extraordinary conditions brought on by Covid-19,” Galee Weston, executive chairman, Loblaw Companies Limited, said in a press release.
Retail segment sales for the quarter rose 7.9 per cent to $11,768 million. The company accelerated its e-commerce initiative, growing its everyday digital sales 280 per cent to $1.2 billion. Food retail same-stores sales grew 10 per cent. While drug retail (Shoppers Drug Mart) same-store sales decreased 1.1 per cent, with a pharmacy same-store sales down 6.2 per cent.
“Significant investments in the safety and wellbeing of everyone in our stores delivered against customer expectations, despite negatively impacting earnings. At the same time, the company considerably strengthened its position in e-commerce as online grocery sales surged,” Weston said.
Fibre2Fashion News Desk (JL)
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