Loblaw Companies Ltd. reported its fourth-quarter profit fell compared with a year ago as it was hit by a non-cash charge related to its PC Optimum loyalty program due to higher member participation and higher redemption rates.
The parent company of Loblaws and Shoppers Drug Mart says its net earnings available to common shareholders amounted to $462 million or $1.52 per diluted share for the quarter ended Dec. 28.
The result was down from a profit of $541 million or $1.72 per diluted share in the fourth quarter of 2023.
On an adjusted basis, Loblaw says it earned $2.20 per diluted share in its latest quarter, up from an adjusted profit of $2 per diluted share a year earlier.
Revenue for the quarter totalled $14.9 billion, up from $14.5 billion, as food retail same-stores sales rose by 2.5 per cent. Excluding the favourable impact of the timing of Thanksgiving, Loblaw says food retail same-store sales were up about 1.5 per cent.
Drug retail same-store sales rose 1.3 per cent, with pharmacy and health care services same-store sales up 6.3 per cent, offset in part by a 3.1 per cent drop in front store same-store sales.
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