Loblaw reports Q4 profit up from year earlier, but falls short of expectations

BRAMPTON, Ont. — Loblaw Companies Ltd. reported its fourth-quarter profit rose compared with a year earlier, but the parent company of Loblaws and Shoppers Drug Mart fell short of analysts’ expectations.

The retailer says it earned a profit attributable to common shareholders of $254 million or 70 cents per diluted share for the 12-week period ended Dec. 28.

That compared with a profit attributable to common shareholders of $221 million or 59 cents per diluted share in the same period a year earlier.

Revenue totalled $11.59 billion, up from nearly $11.22 billion.

On an adjusted basis, Loblaw says it earned $1.09 per diluted share for the quarter, up from an adjusted profit of $1.07 per diluted share in the same quarter a year earlier.

Analysts on average had expected an adjusted profit of $1.12 per share, according to financial markets data firm Refinitiv.

This report by The Canadian Press was first published Feb. 20, 2020.

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The Canadian Press