Loblaw falls after Q3 revenue miss on weak household items demand

Loblaw Companies

13/11/2024 16:53

** Shares of Canadian retailer Loblaw Companies  L.TO  fall
as much as 3% to C$181.66
    ** Co reports Q3 revenue of C$18.54 bln ($13.27 bln) vs
analysts' avg. est. of C$18.65 bln, hurt by slowdown in demand
for non-essential goods such as household items and electronics
- data compiled by LSEG
    ** Timing shift of Thanksgiving holiday sales into Q4 had
negative impact on Q3 food same-store sales by ~80 basis points,
says CFO Richard Dufresne 
    ** L posts 0.5% growth in Q3 food retail segment same-store
sales vs 4.5% a year ago
    ** Sales in drug retail unit grew 2.9% vs 4.6% a year ago,
due to lower cold and flu trends, according to Loblaw
    ** Co raises annual adjusted EPS to low double-digit growth
from previous expectation of high single-digit 
    ** Up to Tuesday's close, stock up 46% YTD

($1 = 1.3967 Canadian dollars)

 (Reporting by Neil J Kanatt in Bengaluru)
 ((Neil.JKanatt@thomsonreuters.com;))