TORONTO — Higher sales volumes and more efficient buying and transportation infrastructure drove improved results during the fourth quarter for Loblaw Cos., the retailer here said Wednesday.
Loblaw posted $158.3 million (U.S.) in net earnings on sales of $7 billion for the 12-week quarter that ended Jan. 2. Net income fell by 13.2% and sales were down 5.6%, respectively, from the 13-week fourth quarter last year, and same-store sales were down by 7.8%.
When adjusted for the extra week and other one-time items, sales were flat and same-store sales increased by 0.7%, Loblaw said, indicating the retailer overcame internal price deflation and heightened price competition.
For the 52-week fiscal year, sales of $29.5 billion decreased by 0.2% and same-store sales fell by 1.1% compared with the preceding, 53-week fiscal year. Adjusted for the extra week, total sales and same-store sales increased by 1.6% and 0.7%, respectively. Net income of $629.4 million for the fiscal year improved by 19.3%.
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