Battle with Walmart and Target results in Q2 loss for Loblaw despite better comps
SEAFOODNEWS.COM [Supermarket News] By Jenna Telesca - July 25, 2014 -
After battling intense retail competition in Canada from Wal-Mart and Target, Loblaw Cos. reported a loss of $425 million (U.S.) for the fiscal second quarter.
Loblaw's revenue for the second quarter was $9.6 billion (U.S.), a 37.1% increase compared to the 2013 fiscal second quarter. Loblaw attributed the revenue increases mostly to the completion of the Shoppers Drug Mart acquisition in March. Same-store sales, not including Shoppers, increased 1.8%.
“This was the sixth consecutive quarter of positive same-store sales — the result of a continued focus on our strategy of continuing to invest in the customer proposition led by fresh,” said newly named president Galen Weston.
“Despite growing significantly less than the market, we maintained market share in tonnage and dollars, grew basket and increased sales productivity.
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