Loblaw Sees Low-Double-Digit Earnings Growth in 2023
By Adriano Marchese
Canadian retailer Loblaw Cos. Ltd. said Wednesday that it expects earnings in 2023 to grow and to increase its investment in its store network.
Loblaw expects adjusted earnings per share growth to be in the low double digits in the year.
In 2022, the company logged an increase of 22% to 6.82 Canadian dollars ($5) a share.
It also said that retail business is forecasted to grow earnings faster than sales.
On its capital expenditures front, Loblaw said it will increase investments in its store network and distribution centers with an investment of about C$1.6 billion.
This reflects a gross capital investment of C$2.1 billion, which will be offset by about C$500 million of proceeds from real estate divestitures.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
May 03, 2023 07:14 ET (11:14 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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