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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Loblaw Companies Limited    L   CA5394811015

LOBLAW COMPANIES LIMITED

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Loblaw 2Q Profit Falls on Higher Pandemic-Related Costs

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07/23/2020 | 07:10am EDT

By Adriano Marchese

 

Loblaw Cos. Ltd. Thursday reported a 40% fall in second-quarter profit despite higher revenue in the period, and said that Covid-19 related expenses negatively affected earnings.

The Brampton, Ontario-based food retailer company earned a profit of 172 million Canadian dollars, or C$0.47 a share, compared with C$289 million, or C$0.77, for the same period last year.

Sales rose 7.4% to C$11.96 billion.

The company's food retail segment had same-store sales growth of 10% in the quarter, while front-store same-store sales grew 3.3%.

"As expected, profit declined year over year in the quarter as the strong growth in sales was insufficient to overcome substantial Covid-19 related costs in the quarter," Executive Chairman Galen Weston said.

Loblaw said that it has invested C$282 million in Covid-19 related costs and that it continued to incur costs exiting the second quarter. It said costs were at a lower rate in the third quarter, reflecting more stability in store and in distribution center operations.

 

Write to Adriano Marchese at adriano.marchese@wsj.com

 


Stocks mentioned in the article
ChangeLast1st jan.
CHOICE PROPERTIES REAL ESTATE INVESTMENT TRUST -0.16% 12.58 Delayed Quote.-9.42%
GEORGE WESTON LIMITED 0.04% 96.5 Delayed Quote.-6.34%
LOBLAW COMPANIES LIMITED 0.41% 68.8 Delayed Quote.2.31%
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Financials
Sales 2020 52 115 M 39 685 M 39 685 M
Net income 2020 1 025 M 781 M 781 M
Net Debt 2020 7 226 M 5 503 M 5 503 M
P/E ratio 2020 25,3x
Yield 2020 1,86%
Capitalization 24 354 M 18 556 M 18 546 M
EV / Sales 2020 0,61x
EV / Sales 2021 0,62x
Nbr of Employees 190 000
Free-Float 46,0%
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Technical analysis trends LOBLAW COMPANIES LIMITED
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TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
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Buy
Mean consensus OUTPERFORM
Number of Analysts 11
Average target price 80,73 CAD
Last Close Price 68,55 CAD
Spread / Highest target 53,2%
Spread / Average Target 17,8%
Spread / Lowest Target 3,57%
EPS Revisions
Managers
NameTitle
Galen G. Weston Chairman & Chief Executive Officer
Sarah Ruth Davis President
Darren G. Myers Chief Financial Officer
Christie James Beckett Clark Independent Director
Warren F. Bryant Independent Director
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