By Adriano Marchese


Loblaw Cos. Ltd. said Wednesday that uncertainty around the pandemic, industry volatility and the inflationary environment continue to exist, but that it expects to advance its growth initiatives in the year.

The retailer said that it expects its retail business to grow earnings faster than sales in the year, and that based on its year-to-date performance, it expects full-year adjusted net earnings per share growth to be in the mid-to-high teens.

Additionally, it said the company continues to expect to invest around 1.4 billion Canadian dollars (US$1.09 billion) in capital expenditures.

Loblaw said the expenditures reflect incremental store and distribution network investment.

Regarding shareholder returns, the company said it continues to expect to return capital to its stockholders by allocating a significant portion of free cash flow to repurchasing shares.


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


(END) Dow Jones Newswires

07-27-22 0713ET