Monday, July 13, 2015

Loblaw Companies Limited - L.t

Loblaw Companies Limited - L.t is Canada’s food and pharmacy leader, the nation’s largest retailer, and the majority unitholder of Choice Properties Real Estate Investment Trust.

Loblaw provides Canadians with grocery, pharmacy, health and beauty, apparel, general merchandise, banking, and wireless mobile products and services. With more than 2,300 corporate, franchised and associate-owned locations, Loblaw, its franchisees, and Associate-owners employ approximately 192,000 full- and part-time employees, making it one of Canada’s largest private sector employers.








On May 6, 2015 the company reported Numbers

Loblaw Companies Limited (TSX: L) ("Loblaw" or the "Company") today announced its unaudited financial results for the first quarter ended March 28, 2015. The Company's first quarter report will be available in the Investor Centre section of the Company's website at loblaw.ca and will be filed with SEDAR and available at sedar.com.

With the completion of the acquisition of Shoppers Drug Mart Corporation ("Shoppers Drug Mart") in the second quarter of 2014, the Company's results for the first quarter of 2015 include the consolidation of Shoppers Drug Mart and the associated acquisition-related accounting adjustments. Relevant Shoppers Drug Mart results and metrics have been included in the Retail segment section of this News Release.

"In 2015 we continue to execute against the clear strategic framework we set out a year ago," said Galen G. Weston , Executive Chairman & President of Loblaw Companies Limited. "Our entire organization is focused on delivering the best in food, the best in health and beauty, operational excellence and growth. Although the grocery industry remains highly competitive and health care reform continues to challenge our pharmacy business, we are maintaining stable business performance, gaining incremental efficiencies, delivering synergies on schedule, deleveraging the balance sheet and achieving continued earnings growth."

2015 First Quarter Highlights(1)
• Consolidated sales of $10,048 million, an increase of 37.8% compared to the first quarter of 2014.
• Consolidated adjusted EBITDA(2) of $789 million, an increase of 63.7% compared to the first quarter of 2014.
• Retail segment sales of $9,830 million, an increase of 38.5% compared to the first quarter of 2014, including $2,596 million of retail sales contributed by Shoppers Drug Mart.
◦ Food retail (Loblaw) same-store sales growth for the quarter was 4.0%, after excluding gas bar (1.2%) and the negative impact of a change in distribution model by a tobacco supplier (0.8%). Including these impacts, food retail same-store sales growth was 2.0% (2014 - 0.9%).
◦ Drug retail (Shoppers Drug Mart) same-store sales increased by 3.1%, with pharmacy increasing by 3.5% and front store increasing by 2.7% over the first quarter of 2014.
◦ Total retail same-store sales growth was 2.3% for the first quarter of 2015.
• Financial Services revenue of $199 million, an increase of 10.6% compared to the first quarter of 2014.
• Choice Properties Real Estate Investment Trust's ("Choice Properties") adjusted funds from operations(2) of $75 million, an increase of 8.7% compared to the first quarter of 2014.
• Adjusted basic net earnings per common share(2) of $0.73, an increase of 35.2% compared to the first quarter of 2014.
• During the first quarter of 2015, the Company realized approximately $44 million of net synergies.
• In the first quarter of 2015, free cash flow(2) was $144 million compared to negative free cash flow of $282 million in the first quarter of 2014.
• During the first quarter of 2015, adjusted debt(2) increased by $43 million, primarily driven by normal seasonal working capital requirements. The Company remains on track to meet its debt reduction target.
• Quarterly common share dividend increase of approximately 2.0% from $0.245 per common share to $0.250 per common share.

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