Canadian retailer Loblaw's revenue climbs 5.4% in FY23

24 Feb '24

2 min read

Pic: JHVEPhoto - stock.adobe.com

Insights

Loblaw's FY23 revenue hit $59.5 billion, up 5.4 per cent, with e-commerce growing 10.7 per cent to $3.3 billion.
Net earnings rose 9.4 per cent to $2.09 billion, with diluted earnings per share up 13.4 per cent.
Q4 saw a 3.7 per cent revenue increase, and e-commerce surged 14.6 per cent.
Operating income and adjusted EBITDA also saw significant gains.

Canadian retailer Loblaw Companies Limited’s revenue has reached $59.5 billion million in fiscal 2023 (FY23), marking an increase of $3.02 billion or 5.4 per cent compared to the previous year. The company's venture into digital commerce proved fruitful, with e-commerce sales climbing to approximately $3.3 billion, a 10.7 per cent growth.

Net earnings available to common shareholders were reported at $2.08 billion, up by $179 million or 9.4 per cent. This growth translated into a 13.4 per cent increase in diluted net earnings per common share, which stood at $6.52. Adjusted figures painted a similar picture of prosperity, with adjusted net earnings available to common shareholders rising by 9.6 per cent to $2.48 billion and adjusted diluted net earnings per common share increasing by 13.6 per cent to $7.75, the company said in a press release.

In the fourth quarter of FY23 (Q4 FY23), revenue was $14.5 billion, a 3.7 per cent increase from the same period last year. The retail segment led the charge with sales of $14.15 billion, up by 3.4 per cent. E-commerce continued its upward trajectory with a 14.6 per cent surge in sales.

Operating income for the quarter saw an 8.3 per cent increase to $943 million. Adjusted EBITDA followed suit, rising by 9.4 per cent to $1,633 million. The retail segment's gross profit percentage also saw improvement, increasing by 50 basis points to 31.1 per cent.

Net earnings available to common shareholders for the quarter were $541 million, a slight increase of 2.3 per cent, with diluted net earnings per common share growing by 6.2 per cent to $1.72. Adjusted metrics for the quarter showed a 9.6 per cent increase in net earnings to $630 million, and a 13.6 per cent rise in adjusted diluted net earnings per common share to $2.

“We are very pleased to deliver another year of consistent operational and financial performance, reflecting our ongoing focus on retail excellence,” said Per Bank, president and chief executive officer, Loblaw Companies Limited. “Canadians continue to recognise the superior value and service we provide across our network, something all 220,000 of our colleagues are proud to deliver each and every day.”

Fibre2Fashion News Desk (DP)

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