Loblaw’s earnings jump 31%

Author

Jay Lutz
July 26, 2023

Sponsored by Hertz Lithium

Loblaw’s earnings jump 31%

Loblaw Companies (TSX: L) reported its second-quarter financial results, which showed robust growth in both earnings and revenue, despite the ongoing rise in grocery costs for consumers across the country.

For the three months ending on June 17, the company reported a net income of $508 million, equivalent to $1.58 per share. This represented a significant increase from last quarter’s figure of $418 million and last year’s figure of $387 million.

“Our businesses remain focused on providing Canadians with the selection, freshness, care and value they need today,” said Galen G. Weston, Chairman and President. “We will build on this strength and continue to take meaningful steps to fight back against inflation. Our discount offering, best-in-class control brand products and PC Optimum Program are resonating with customers who are looking for value without sacrificing quality.”

You can read more on the matter here.

Hertz Lithium is a British Columbia based mineral exploration company primarily engaged in the acquisition and exploration of mineral properties. The company currently has one material mineral property, the Lucky Mica Project, located in the Arizona Pegmatite Belt in the Maricopa County of Arizona, USA, which is in the exploration stage. The company is also working with the PSRF in the development of a novel lithium extraction technology.

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FULL DISCLOSURE: Hertz Lithium is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Hertz Lithium. The author has been compensated to cover Hertz Lithium on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.