Loblaw Q4 profit up year over year, revenue edges higher

Grocery retailer says an improvement in operation performance helped offset a decline in its financial services business


Loblaw Companies Ltd. reported its fourth-quarter profit improved compared with a year ago when it was hit by restructuring and other one-time charges.

The retailer says it earned a profit of $221 million attributable to common shareholders or 59 cents per share for the quarter ended Dec. 29.

That compared with a profit of $31 million or eight cents per share in the same quarter a year earlier.

Revenue totalled $11.22 billion, up from $10.99 billion.

On an adjusted basis, Loblaw says it earned $1.03 per diluted share from continuing operations, up from $1.02 per diluted share in the final quarter of 2017.

Loblaw says the results included a decline in its financial services business, offset by an improvement in underlying performance of its retail operations and the favourable impact of the repurchase of common shares.