BRAMPTON, Ont. – Loblaw Companies Ltd. says it has finalized a plan that will result in the closure of 22 unprofitable stores across a range of its banners and formats.
The company says it expects that the closures will be substantially complete by the end of the first quarter of next year.
Loblaw did not disclose which locations and brands are affected by the store closures but in an email to Global News, a spokesperson said the list includes “standard food and drug stores, as well as some specialty stores with as few as 10 employees.”
The move comes as Loblaw more than doubled its third-quarter profit compared with a year ago as its results were boosted by the sale of its gas bar business.
READ MORE: How much does a week of groceries cost in Canada? We crunched the numbers
The retailer says its profit attributable to common shareholders totalled $883 million or $2.24 per diluted share for the 16 week ended Oct. 7. That compared with a profit of $419 million or $1.03 per diluted share for the same period last year.
WATCH: Loblaw merges PC Points with Shoppers Optimum
Revenue totalled $14.19 billion, up from $14.14 in the third quarter of 2016.
READ MORE: Here’s what you need to know about Loblaw, Shoppers points merger
The results included a $432-million gain on the sale of the company’s gas station business to Brookfield Business Partners. Excluding the deal and other one-time item, Loblaw says it earned an adjusted profit attributable to common shareholders of $549 million or $1.39 per share for the quarter, up from $512 million or $1.26 per share a year ago.
–with a file from Global News
- Buzz kill? Gen Z less interested in coffee than older Canadians, survey shows
- ‘She gets to be 10’: Ontario child’s heart donated to girl the same age
- Canada updating sperm donor screening criteria for men who have sex with men
- Indigo nears privatization but experts warn turnaround won’t be ‘quick fix’
Comments