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    L   CA5394811015

LOBLAW COMPANIES LIMITED

(L)
  Report
Delayed Toronto Stock Exchange  -  04:00:00 2023-02-03 pm EST
115.24 CAD   +0.28%
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Shoppers Drug Mart parent company says cough and cold sales hit all-time high

11/16/2022 | 02:39pm EST

BRAMPTON, Ont.Canada's biggest drugstore chain says sales of cough and cold products hit an all-time high this fall.

Loblaw Cos. Ltd. chairman and president Galen G. Weston says the combination of COVID-19, RSV and the flu led to a record number of cough and cold medication sales at the company's pharmacies, which include Shoppers Drug Mart and Pharmaprix.

He says the manufacturers of multinational and generic brands have had trouble keeping up with the spike in demand.

Weston says the "unusual pressure" on the industry has led to shortages, leaving retailers with limited stock for some medications.

He says manufacturers are working hard to get more product available, but it's difficult to say when the shortages will end.

Weston says the company also recorded sustained growth in prescription medication sales this fall.

His comments to analysts on Wednesday came as Loblaw said its overall drugstore same-store sales grew by 7.7 per cent in its latest quarter.

The company's pharmacy front store same-store sales, which include over-the-counter medication sales but not prescription drugs, increased by 10.7 per cent in the quarter ended Oct. 8

Metro Inc., which runs pharmacies including Jean Coutu and Brunet, reported a 7.4 per cent increase in pharmacy same-store sales in its latest quarter.

Pharmacy front-store sales rose 9.9 per cent in its fourth quarter ended Sept. 24, primarily driven by over-the-counter products and cosmetics, the company said Wednesday.

The federal government has said help is on the way to help deal with the shortages and that Health Canada has arranged to import doses of children's painkillers and fever medication from the United States and Australia.

"The one ask that we have of parents is buy only what you need, so that we make sure that we have enough medicine for children who are sick, but we understand how stressful and scary this is for families," said Karina Gould, the federal minister of families, children and social development.

This report by The Canadian Press was first published Nov. 16, 2022.

— With files from Cindy Tran in Ottawa

Companies in this story: (TSX:L), (TSX:MRU).

© 2022 The Canadian Press. All rights reserved., source Canadian Press DataFile

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Analyst Recommendations on LOBLAW COMPANIES LIMITED
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Financials
Sales 2022 56 144 M 41 954 M 41 954 M
Net income 2022 1 858 M 1 388 M 1 388 M
Net Debt 2022 3 402 M 2 542 M 2 542 M
P/E ratio 2022 20,8x
Yield 2022 1,37%
Capitalization 37 345 M 27 907 M 27 907 M
EV / Sales 2022 0,73x
EV / Sales 2023 0,70x
Nbr of Employees 220 000
Free-Float 44,6%
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Mean consensus OUTPERFORM
Number of Analysts 11
Last Close Price 115,24 CAD
Average target price 132,95 CAD
Spread / Average Target 15,4%
EPS Revisions
Managers and Directors
Galen G. Weston Executive Chairman, President & CEO
Richard Dufresne Chief Financial Officer
David Markwell Chief Technology & Analytics Officer, Executive VP
Robert Sawyer Chief Operating Officer
Robert Wiebe Chief Administrative Officer
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