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Loblaw’s Q2 strong at every level
Grocer takes advantage of discount locations that have “never been busier”
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The Canadian retailer banked on strong results with its private label brands for a net earning increase of 31.3% compared to Q2 2022.Loblaw
Despite what it described as a double-digit supplier cost increase and continued shrink, Loblaws had financial numbers go its way in the second quarter.
The Canadian retailer banked on strong results with its private label brands for a net earning increase of 31.3% compared to Q2 2022. Adjusted net earnings were up 10.6% ($626 million) year-over-year and the adjusted EBITDA increased 9.4% to over $1.6 billion. Revenue was $348 million for the quarter, an increase of 17.2%.
Loblaws is committed to private label expansion in the coming months, as the company will add another 25 No Frills stores to its network.