In terms of profitability, the company saw a considerable surge in operating income, increasing by 24.9 per cent or $185 million, reaching $927 million. The adjusted EBITDA also witnessed a 9.4 per cent hike, or $141 million, amounting to $1,640 million.
However, the retail segment’s adjusted gross profit percentage saw a slight decrease, falling by 30 basis points to 31.1 per cent, the company said in a press release.
Net earnings available to common shareholders of the company increased by a substantial 31.3 per cent, or $121 million, to $508 million. The diluted net earnings per common share increased by 36.2 per cent, or $0.42, to reach $1.58.
When adjusted, the net earnings available to common shareholders of the company rose by 10.6 per cent, or $60 million, amounting to $626 million.
“Our businesses remain focused on providing Canadians with the selection, freshness, care and value they need today,” said Galen G Weston, chairman and president, Loblaw Companies Limited. “We will build on this strength and continue to take meaningful steps to fight back against inflation. Our discount offering, best-in-class control brand products, and PC Optimum Program are resonating with customers who are looking for value without sacrificing quality.”
ALCHEMPro News Desk (DP)
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