Strong Revenue and Earnings Growth
Loblaw reported a consolidated revenue growth of 4.1%, reaching $14.1 billion. Adjusted diluted net earnings per share grew by 9.3% to $1.88, and on a GAAP basis, net earnings per share increased by 12.9%.
Solid Performance in Retail and Drug Segments
In Food Retail, same-store sales increased by 2.2% with absolute sales growing by 4%. Drug Retail reported absolute sales growth of 4.4% and same-store sales growth of 3.8%, with strong performance in pharmacy and healthcare services.
Online Sales Growth
Online sales increased by 17.4% across Loblaw's retail businesses, with delivery leading growth in the online grocery channel.
Successful Store Expansions
Loblaw opened 10 new stores in Q1, with more planned throughout the year. Hard discount banners continue to outperform, driving double-digit growth in absolute sales and tonnage.