Loblaw Releases its Q3 2014 Financial Report
BRAMPTON, ONTARIO – Loblaw released its Q3 financial report on November 12th, 2014, disclosing impressive gains across the board. The Q3 and year-to-date numbers listed in this latest report include the performance of Shoppers Drug Mart from the date of the acquisition, as well as the associated acquisition-related accounting adjustments. With its impact adjusted EBITDA climbed 56.9% to $1.001 billion compared to $638 million from Q3 2013.
"In the third quarter we continued to advance our strategic initiatives and improve our market position," shared Galen G. Weston, President and Executive Chairman. "We delivered solid performance across our portfolio of businesses, recognized efficiencies, realized significant synergies, and remained on track with our deleveraging targets.”
Some highlights from the report include:
- A 35.9% increase in revenue to $13.599 billion during Q3 2014 compared to the same quarter from last year. Excluding the impact of Shoppers, revenue increased by 2.0%.
- Retail sales growth of 36.9% during Q3 2014 compared to the same quarter from last year. Excluding the impact of Shoppers, retail sales grew by 2.2% and same-store sales grew by 2.6%.
- Sales of $3.387 billion during Q3 2014 for Shoppers Drug Mart.
- A 2.5% increase in same-store sales for Shoppers Drug Mart during Q3 2014.
- The realization of roughly $44 million in net synergies associated with the Shoppers Drug Mart acquisition.
- A 23.3% increase in adjusted basic net earnings per common share to $0.90 compared to $0.73 in the third quarter of 2013.
"Although the industry and regulatory backdrop continues to be challenging, our momentum is encouraging," Galen concluded. "As we look forward, we believe our performance will continue to improve, supported by stable business performance, further efficiencies, and planned synergies."
Going forward, Loblaw plans on realizing the full $100 million in net synergies it expected through the first year following its Shoppers Drug Mart acquisition, according to a press release.
Congratulation on a strong Q3, Loblaw!
