Loblaw Companies Limited announced Thursday its unaudited financial results for the second quarter ended June 20, 2026, indicating total revenue reached $15.27 billion.
Loblaw said it delivered strong second quarter 2026 results.
“In its last quarter prior to the close of the sale of PC Financial, the Company recorded total revenue of $15,270 million and adjusted diluted net earnings per common share growth of 11.9%. Starting in the third quarter of 2026, the Company will no longer report PC Financial results and will begin recognizing its proportionate share of EQB’s net income in its consolidated financial results. Retail sales increased by 4.1% to $15,046 million, reflecting continued strength across the business, including contributions from new store openings. In Food Retail, sales grew 3.3%, supported by higher customer traffic and basket size, and e-commerce sales growth,” it said.
“The Company’s discount banners once again outperformed, reflecting continued consumer demand for value and greater access to Maxi® and No Frills® stores. E-commerce sales continued to grow, supported by PC ExpressTM delivery and integrated third-party delivery options. In Drug Retail, sales grew 6.1%, driven by continued strength in specialty and chronic prescriptions, as well as the beauty and OTC categories. Loblaw continued its focus on strategic expansion, opening 14 stores across its Food Retail and Drug Retail network, including 7 Hard Discount stores, 3 drug stores, and the first T&T® location in California, bringing convenient access to nutritious food, multicultural offerings and essential healthcare services to more communities.”
“Customers continue to reward us for delivering on their needs through increased traffic, basket size and topline sales,” said Per Bank, President and Chief Executive Officer, Loblaw Companies Limited. “We are investing in new stores and growth as we make everyday essentials and healthcare more accessible while continuing to deliver strong financial results.”
2026 SECOND QUARTER HIGHLIGHTS
- Retail revenue was $15,046 million, an increase of $589 million, or 4.1%. Revenue (including Retail and PC Financial was $15,270 million, an increase of $598 million, or 4.1%.
- Food Retail (Loblaw) same-store sales increased by 1.6% (2025 – 3.5%).
- Drug Retail (Shoppers Drug Mart) same-store sales increased by 4.6% (2025 – 4.1%), with pharmacy and healthcare services same-store sales growth of 7.5% and front store same-store sales growth of 1.3%.
- E-commerce sales increased by 19.3%.
- Retail gross profit percentage was stable at 32.2%, increasing by 10 basis points.
- Retail operating income was $1,202 million, an increase of $34 million, or 2.9%.
- Retail adjusted EBITDA was $1,841 million, an increase of $93 million, or 5.3%.
- Selling, general and administrative expenses as a percentage of sales was flat at 20.0%.
- Net earnings available to common shareholders of the Company were $751 million, an increase of $37 million, or 5.2%.Diluted net earnings per common sharewere $0.64, an increase of $0.05, or 8.5%.
- Adjusted net earnings available to common shareholders of the Company were $774 million, an increase of $61 million, or 8.6%. Adjusted diluted net earnings per common share² were $0.66, an increase of $0.07, or 11.9%.
- Free cash flow from Retail was $856 million, an increase of $235 million. Gross capital investments were $417 million.
- Subsequent to the end of the second quarter of 2026, the Company completed the sale of PC Financial to EQB Inc. As of the date of closing, Loblaw owned approximately 19.9% of EQB’s issued and outstanding common shares. In connection with the sale, Loblaw received $625 million in cash, representing the release of excess capital, cash consideration from EQB, and the collection of certain commodity tax receivables.
- Common share repurchases for cancellation are expected to be approximately $2.1 billion for full year 2026 (2025 – $1.9 billion). In the second quarter of 2026, 8.8 million common shares were repurchased for cancellation at a cost of $552 million.
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