Loblaw posts revenue up 10% in Q4

Revenues of Loblaw grew nearly 10% over the same period last year.

Loblaw Companies posted fourth-quarter net income attributable to shareholders of $529 million on Thursday, as revenue rose nearly 10% from the same period a year earlier.

The retailer said sales were driven by continued demand for cold and flu products, as well as strength in beauty and cosmetics categories, while its chain low-cost grocery store delivered superior performance.

The owner of Provigo grocery stores and Pharmaprix pharmacies in Quebec reported profit of $1.62 per share for the quarter ended Dec. 31, down from $744 million, or 2, $20 per share, last three months of 2021.

Revenue was $14 billion, down from $12.8 billion one year earlier. Sales at grocery stores open for at least a year advanced 8.4%, while those at pharmacies open for at least a year soared 8.7%.

On an adjusted basis, Loblaw earned earnings per share of $1.76 for the most recent quarter, compared to earnings of $1.52 per share for the prior fourth quarter.

Analysts on average had expected a profit of $1.71 per share and revenue of $13.7 billion, according to forecasts compiled by financial data firm Refinitiv.< /p>