Loblaw forecast annual earnings into the low double-digits Thursday — above analysts' expectations — helped by strength in its pharmacy business and as demand holds up for groceries, even as some people are forced to prioritize spending on essentials.
Reuters | Posted: 11 hours ago | Updated: 9 hours ago | 1 Min Read - Loblaw Cos Ltd on Thursday forecast annual earnings above analysts' expectations, after the Canadian retailer's fourth-quarter results beat estimates, helped by strength in its pharmacy business and as demand held up for groceries.
Loblaw posted a 9.7% rise in retail segment sales, reflecting strong growth in its food and drug businesses, with steady demand for cough and cold medicines, high-margin beauty and cosmetics products. Loblaw, on the other hand, expects its full-year 2023 adjusted earnings per common share to grow in the low double-digits compared with the average analyst estimate of 9.64%, according to Refinitiv IBES data.
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