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Company Earnings Update

Loblaw (TSX: L) 1Q19 Results: Comp Growth Strengthens in Retail

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Coresight Research

Key Points

  • In 1Q19, ended March 23, Loblaw reported strengthening in same-store growth in both its food retail and drug retail segments.
  • Operating income and adjusted EBITA were impacted by the IFRS 16 accounting change. Adjusted EBITDA of was up 42%, or C$313 million, and comfortably exceeded expectations
  • Management maintained FY19 guidance for positive same-store sales and a stable gross margin in the retail segment.

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