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Loblaw


Loblaw Companies Limited has announced its unaudited financial results for the second quarter. For the period which ended June 16, 2012, the Company's second quarter net earnings per common share of $0.57, were down 18.6% compared to the second quarter of 2011. EBITDA margin of 6.4% was down compared to 6.9% in the comparable quarter of the previous year. Revenue was reported as $7,375 million, an increase of 1.3% over the second quarter of 2011. Retail sales and same-store sales showed growth of 1.1% and 0.2%, respectively, compared to the previous comparable period. Galen G. Weston, Executive Chairman, Loblaw Companies Limited, stated, "In the second quarter we continued to execute our plan...We are beginning to gain traction on the top-line, particularly in our core food and drug businesses, as we continued our disciplined approach to improving our customer proposition. We remain confident that our ongoing investments in infrastructure, including the completion of our IT implementation, will enable efficiencies and expense leverage to drive future earnings growth. Our outlook for 2012 is unchanged - we continue to expect full-year net earnings to be down year-over-year."
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