Q2 2024 Loblaw Companies Ltd Earnings Call Transcript
Key Points
- Revenue grew by 1.5% to $13.9 billion, demonstrating steady operational and financial performance.
- Adjusted EBITDA increased by 4.5%, reflecting strong financial health.
- Adjusted diluted net earnings per share grew by 10.8% to $2.15.
- Drug retail absolute sales increased by 2.4%, with same-store sales growing by 1.5%.
- Online sales in the quarter increased by 14.2%, showing strong digital growth.
- GAAP net earnings declined by 10% due to the impact of the class-action settlement charge.
- Front store same-store sales declined by 2.4%, indicating a slowdown in certain retail segments.
- SG&A spend rate as a percentage of sales increased by 60 basis points, driven by lower operating leverage and higher costs.
- Food retail same-store sales grew only by 0.2%, showing minimal growth in this segment.
- The company faces headwinds from lower spending on certain food and household items and the decision to exit certain electronics categories.
Good morning, ladies and gentlemen, and welcome to Loblaw Companies Limited second-quarter 2024 results conference call. (Operator Instructions) This call is being recorded on Thursday, July 25, 2024. I would now like to turn the conference over to Mr. Roy MacDonald. Please go ahead, sir.
Great. Thank you very much, Laura, and good morning, everybody. Welcome to the Loblaw Companies Limited second-quarter 2024 results conference call. As usual, I'm joined this morning by Per Bank, our President and Chief Executive Officer; and by Richard Dufresne, our Chief Financial Officer.
So before we begin the call, I'll remind you that today's discussion will include forward-looking statements, which may include but are not limited to statements with respect to Loblaw's anticipated future results. These statements are based on assumptions and reflect management's current expectations as such are subject to a number of risks and uncertainties that could cause actual results or events to
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