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  • michaelisin4u michaelisin4u Nov 17, 2009 5:18 PM Flag

    Brian, Loblaws in Canada Reported 3Q09 Earnings today


    Loblaw Companies Limited Reports Third Quarter 2009 Results
    BRAMPTON, ON, Nov. 17 /CNW/ -

    2009 Third Quarter Summary(1)

    - Basic net earnings per common share of $0.69, up 21.1%

    - EBITDA(2) margin of 5.9%

    - Sales of $9,473 million, decline of 0.2%

    - Same-store sales decline of 0.6%

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    • George Weston Limited 3Q2009 Quarterly Report to Shareholders

      George Weston Limited’s third quarter 2009 basic net earnings per common share from continuing operations
      were $0.44 compared to $0.81 for the same period in 2008. Net earnings were negatively impacted by a charge
      of $0.58 per common share related to unrealized foreign exchange losses associated with the effect of foreign
      exchange on a portion of the Company’s (excluding Loblaw’s) USD denominated cash and short term
      investments. Excluding these foreign exchange losses and other items specifically identified below and in the
      MD&A, the Company’s performance in the third quarter of 2009 was strong compared to the third quarter
      of 2008.
      Loblaw continues to progress in its turnaround efforts, focusing on food offering enhancements, product
      innovation, store renovations, infrastructure improvements and increasing customer value. Weston Foods brand
      and product development efforts continue, while its continuing focus on plant and distribution optimization along
      with other ongoing cost reduction initiatives continue to ensure a low cost operating structure.
      As disclosed previously, the fresh bread and baked goods business in the United States (“U.S. fresh bakery
      business”) was sold during the first quarter of 2009. The results and the gain on the sale of the U.S. fresh
      bakery business have been reflected separately as discontinued operations in the current and comparative
      results. Accordingly, all comparisons of continuing operating results below exclude the results of the U.S. fresh
      bakery business.
      The results of Weston Foods’ dairy and bottling operations, which were sold in the fourth quarter of 2008, are
      not reported as discontinued operations, in accordance with Canadian generally accepted accounting
      principles, due to Loblaw’s continuing purchases of product from the dairy and bottling operations. Therefore,
      the results of the dairy and bottling operations up to the date of sale, are included in net earnings from
      continuing operations in the comparative period and are included in the discussion of continuing operating
      results below.

    • Imagine what happens when you attempt to cross the border with a car full of 'Hypoallergenic quilted 2 ply toilet paper'

    • Loblaw reports third-quarter profit of $189M

      Canada's largest supermarket chain said it faces a highly competitive Christmas selling season and will continue to cut prices to boost sales.

      However, Loblaw Cos. Ltd also said it managed to boost profit in its latest quarter despite falling inflation and "pressure" on volume sales.

      The news drove Loblaw's share price 3.68 per cent higher to $31.52 in early trading on the Toronto Stock Exchange.

      "If you look at most flyers most weeks, once upon a time you got a couple of new lows in any one month. Now we're getting two or three new lows every week. I think this Christmas will be pretty fierce in terms of competition," Loblaw deputy chairman Allan Leighton told analysts on a conference call today.

      Basic net earnings for the third quarter rose 20.4 per cent to $189 million, or 69 cents a share, the company said.

      Sales declined 0.2 per cent to $9.47 billion despite the positive impact of a shift in the calendar, which moved Thanksgiving into the quarter this year. The quarter ended Oct. 10.

      Same-store sales, considered a key measure of retail performance, fell 0.6 per cent. Thanksgiving added 0.5 per cent to the quarter, while the acquisition of Asian supermarket chain T&T in September, added 0.2 per cent. These were partially offset by the sale late last year of Loblaw's food service business, which would have contributed 0.5 per cent to third quarter sales, the company said.

      Gross profit margin rose 80 basis points to 22.9 per cent as the company benefited from improved efficiencies in buying and transportation and a better sales mix.

      Internal retail food price inflation fell 3.5 percentage points, more than the Canadian Consumer Price Index for food and significantly more than in the second quarter, which hurt revenue.

      But the company also said volume sales fell during the quarter, not just dollar sales. It said it planned to focus this quarter on boosting unit volume.

      The company spent $25 million in the quarter on previously announced improvements to its computer systems, which lowered earnings by 6 cents a share.

      Sales of food a drugs declined modestly, sales of apparel, mainly it's exclusive Joe Fresh brand, were moderate and sales of gasoline declined significantly on lower gasoline prices.

      Sales of general merchandise also fell significantly, as the company continues to exit that business in all but its largest superstores.

      "As we progressed through the third quarter, our sales were increasingly impacted by the significant decline in inflation and the ramp-up of our pricing investments. Earnings benefited from cost containment and supply chain efficiencies," Loblaw executive chairman Galen Weston said in a statement. "We expect that sales and margins will be challenged due to decreasing inflation, competitive intensity and our ongoing renovation and infrastructure programs."

      Canada's $76 billion a year grocery industry has become increasingly competitive since the entry two years ago by general merchandise giant Wal-Mart Canada Corp. into the fresh food business.

      The company plans to invest $1 billion this year in capital improvements, both in improving its food stores and computer systems.

    • bbbaaaaaaaaaaaaaaaaaaaaaaaaaad!


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