Canadian retailer Loblaw's Q4FY21 revenue up by 2.8%

Retail segment adjusted gross profit percentage was 30.9 per cent. This represented an increase of 150 basis points compared to the fourth quarter of 2020. The company’s operating income was recorded at $705 million in the fourth quarter of fiscal 2021. This represented an increase of $70 million, or 11.0 per cent when compared to the fourth quarter of 2020.

“Loblaw showed strength in the fourth quarter as we delivered improved results across the board,” said Galen G Weston, chairman and president, Loblaw Companies Limited. “We are effectively managing through a challenging environment of supply chain constraints and higher costs. With a clear strategic agenda, we remain confident in our ability to create value over the long term.”

The company’s focus on retail excellence resulted in operational and financial improvements, despite supply chain and inflationary pressures. Discount banners benefited from the return of price-sensitive customers, and conventional market stores extended strong performance, with impactful promotional strategies, the company said in a press release.

Fibre2Fashion News Desk (RR)