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Loblaw’s Drugstore Profits Increase to $390 Million in Q2 2022

Industry: Retail
Current: Company Performance

Loblaw Companies Ltd. reported an increase in its earnings and revenue for the second quarter of 2022
The company reported that its total revenue and net profit increased significantly in the third quarter that ended in October 2022
Loblaw Companies Ltd. reported that its net profit available to common shareholders increased 3.2% to $387 million

Loblaw Companies Ltd’s Q2 Earnings and Revenue Increase

Loblaw Companies Ltd. reported an increase in its earnings and revenue for the second quarter of 2022. The growth was the result of higher revenue from drugstore operations, which increased the company's margins, and greater sales at discount grocery stores.

As reported by the company, the total revenue and net profit increased significantly in the third quarter that ended in October 2022.

Loblaw Companies Ltd., the largest supermarket and drugstore company in Canada, reported that its net profit available to common shareholders increased 3.2% to $387 million, or $1.16 per diluted share, from $375 million, or $1.09 per share, a year earlier.

Buyers appreciated the price, reliability, and accessibility of the company's various store formats, shop brands including No Name, and the PC Optimum reward program, according to Galen G. Weston, chairman and president of Loblaw, who stated that “with the closing of our takeover of Lifemark Health Group, we also carried out our corporate growth plan, strengthening our portfolio of healthcare services and advancing our mission to support Canadians in living healthy lives.”

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