BRAMPTON, ON – Capping its 2017 financial year, Loblaw Companies Limited declared Q4 financial results this week—and proposed capital investments totaling more than $1 billion for 2018.

Galen G. Weston, Chairman and Chief Executive Officer, Loblaw Companies Limited“We delivered strong results in the fourth quarter and were pleased with our financial performance in 2017,” said Galen G. Weston, Chairman and Chief Executive Officer, in the retailer’s financial statement. “As our company faces exceptional external headwinds in 2018, we are excited about our future and focused on meeting the changing needs of our customers. We remain committed to our financial framework and continued value creation for shareholders.”

In its press release, Loblaw noted its continuing focus on developing the company’s strategic framework, delivering best in food and health and beauty, and using data driven insights underpinned by process and efficiency excellence. For 2018, the company detailed a number of goals including plans to invest approximately $1.3 billion in capital expenditures, including $1.0 billion in Loblaw’s retail segment, and additional plans to return capital to shareholders by allocating a significant portion of free cash flow to share repurchases.

Loblaw Headquarters

Loblaw also noted the following highlights in its Q4 2017 financial performance:

• Revenue was $11,030 million, a decrease of $100 million, or 0.9%, compared to Q4 2016
• Retail segment sales were $10,718 million, a decrease of $127 million, or 1.2%, compared to Q4 2016
• Food retail same-store sales growth was 0.5%, excluding gas bar operations
• Operating income was $140 million, a decrease of $309 million, or 68.8%, compared to Q4 2016
• Net earnings available to common shareholders of the company were $19 million, a decrease of $182 million, or 90.5%, compared to Q4 2016. Diluted net earnings per common share were $0.05, a decrease of $0.45, or 90.0%, compared to the fourth quarter of 2016
• Adjusted EBITDA was $1,013 million, an increase of $57 million, or 6.0%, compared to Q4 2016
• Adjusted net earnings available to common shareholders of the company were $441 million, an increase of $48 million, or 12.2%, compared to the fourth quarter of 2016. Adjusted diluted net earnings per common share were $1.13, an increase of $0.16, or 16.5%, compared to the fourth quarter of 2016

The company also noted that, throughout the fourth quarter of the year, Loblaw repurchased 2.3 million common shares at a cost of $154 million in the fourth quarter of 2017. Throughout 2017, the Company repurchased 16.2 million common shares at a cost of $1,139 million and invested $1,259 million in capital expenditures and generated $1,479 million of free cash flow.

For more on Loblaw’s Q4 financials, read the company’s press release in its entirety.

Loblaw Companies Limited