Net income available to common shareholders hit $387 million, or $1.16 per diluted share, up 3.2 per cent from $375 million, or $1.09 per share, in 2021 From alicjawithaj
. Loblaw says its internal food inflation rate, which it measures based on a basket of food items similar to Statistics Canada's, was"generally in line" with CPI.
Loblaw says rising prices mean more customers are shifting towards its discount brands, including No Frills and Maxi. The company adds that its low-priced No Name brand is seeing historic growth.The comments came as Loblaw reported an increase in its second-quarter profit and revenue, thanks to strong drugstore sales. Net income available to common shareholders hit $387 million, or $1.16 per diluted share, up 3.2 per cent from $375 million, or $1.09 per share, in 2021. Total sales reached $12.
The company says same-store sales – a key metric in the retail industry that excludes sales at new stores – at its grocery chains increased 0.9 per cent compared to last year. However, same-store sales at its drug retail business jumped 5.6 per cent annually, driven by sales growth in over-the-counter products and cosmetics. The company's chief financial officer Richard Dufresne says sales of beauty products and cosmetics are back to pre-pandemic levels.
"Shoppers Drug Mart had an excellent quarter generating high-margin sales in beauty and cough and cold while expanding pharmacy services created for Canadian patients," Weston said, noting that the impact of inflation is different in its drugstore retail business. "There's not as much inflation in health and beauty but certainly we see the same inflationary pressures on all the consumable goods in the front shop of Shoppers Drug Mart."
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