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Loblaw expects full-year 2023 adjusted earnings per common share to grow in low double-digits compared with the average analyst estimate of 9.64%, according to Refinitiv IBES data.
Rising prices are forcing budget-conscious consumers to prioritize spending on essentials like food and medicines and trade down to cheaper private-label items from higher-priced brands, benefiting retailers such as Loblaw.
The company’s fourth-quarter revenue rose about 10% to C$14.01 billion ($10.35 billion), topping the average estimate of C$13.75 billion.
On an adjusted basis, Loblaw earned C$1.76 per share, beating analysts’ expectations of C$1.71 per share.
($1 = 1.3533 Canadian dollars)
