Loblaw’s CEO trotting out max discount on expiring items. Discount Down Profit Up
Amid rising food costs, many Canadians rely on discounts to feed their families. But it just got a little harder to find a deal.
Loblaw Companies Ltd. has changed their policy on expiring items, decreasing their discounts on perishable foods, such as meat, fruit and vegetables, from 30-50 per cent to a maximum 30 per cent per item.
The grocery chain did not publicly announce the price change in Loblaw-owned stores. Instead, it was discovered by Dalhousie University’s Agri-Food Analytics Lab, to whom Loblaw confirmed the change.
Source: Calgary Herald
Galen Weston took in $8.4 million in total compensation in the 2022 fiscal year in his role at the head of Loblaw Companies Ltd.
Loblaw 2023 THIRD QUARTER HIGHLIGHTS :
NEWS PROVIDED BY Loblaw Companies Limited 15 Nov, 2023, 06:30 ET
- Revenue was $18,265 million, an increase of $877 million, or 5.0%.
- Retail segment sales were $17,982 million, an increase of $852 million, or 5.0%.
- Food Retail (Loblaw) same-stores sales increased by 4.5%.
- Drug Retail (Shoppers Drug Mart) same-store sales increased by 4.6%, with front store same-store sales growth of 1.8% and pharmacy same-store sales growth of 7.4%.
- E-commerce sales increased by 13.6%.
- Operating income was $1,065 million, an increase of $74 million, or 7.5%.
- Adjusted EBITDA(2) was $1,926 million, an increase of $80 million, or 4.3%.
- Retail segment adjusted gross profit percentage(2) was 30.6%, a decrease of 20 basis points.
- Net earnings available to common shareholders of the Company were $621 million, an increase of $65 million or 11.7%. Diluted net earnings per common share were $1.95, an increase of $0.26, or 15.4%.
- Adjusted net earnings available to common shareholders of the Company(2) were $719 million, an increase of $56 million, or 8.4%.
- Adjusted diluted net earnings per common share(2) were $2.26, an increase of $0.25 or 12.4%.
- Repurchased for cancellation 2.9 million common shares at a cost of $341 million and invested $676 million in capital expenditures, net of proceeds from property disposals. Free cash flow(2) used in the Retail segment was $663 million.