BRAMPTON, ON, Nov. 12,
2020 /CNW/ - Loblaw Companies Limited (TSX: L) ("Loblaw" or the
"Company") announced today its unaudited financial results for the
third quarter ended October 3, 2020.
The Company's 2020 Third Quarter Report to Shareholders will be
available in the Investors section of the Company's website at
loblaw.ca and will be filed on SEDAR and available at
sedar.com.
"Loblaw delivered strong operating performance in the quarter,
while investing in providing exceptional value, safety and
convenience," said Galen Weston,
Executive Chairman, Loblaw Companies Limited. "We continued to
build for the future, expanding our digital network and leveraging
our PC OptimumTM loyalty program to create even
more value for Canadian families."
The COVID-19 pandemic continued to impact the Company's
operations in the quarter, positively impacting sales in the Food
Retail business, supported by significant investments to ensure the
safety and security of customers and colleagues. Loblaw continued
to make investments to enhance the overall value proposition for
consumers, maintaining its promotional intensity through the
pandemic to retain its share gains in conventional banners and
further improve its positioning in discount banners.
Food Retail same-store sales continued at elevated levels,
growing by 6.9% in the quarter, with the Company's Market division
delivering strong growth of 9.7% and the Discount division
delivering 4.7% growth. Drug Retail same-store sales also
experienced growth in the quarter, growing by 6.1%, with pharmacy
delivering strong growth of 10.3% and front store sales growing by
2.4%. The Company invested approximately $85
million in COVID-19 related costs in the quarter primarily
to ensure the safety and security of customers and colleagues.
The COVID-19 pandemic has accelerated certain longer-term
trends, enabling the Company to advance its strategic growth areas
of Everyday Digital, Connected Healthcare, and Payments and
Rewards. The Company's investments in its Everyday Digital
platforms enable it to offer Canadians a choice of shopping
in-store or online with either home delivery or convenient pickup
locations. The Company's e-commerce sales grew by 175% in the third
quarter, across the Company's grocery, pharmacy, and apparel
e-commerce platforms. The platform was expanded in the quarter to
include front-store items from Shoppers Drug Mart and Pharmaprix
pharmacies.
In September, the Company made two important announcements in
its strategic growth areas of Payments and Rewards and Connected
Health. The Company launched the PC MoneyTM
Account, a simple no-fee way to do everyday banking, turning the
act of paying bills and shopping into a way to receive PC
Optimum rewards. As it continues to build out its Connected
Health strategy, the Company also announced an investment in Maple
Corporation and the launch of a PC Health app. Together,
these two initiatives form part of the Company's next generation
digital health platform that will provide Canadians with a new,
personalized healthcare experience by leveraging the power of
Loblaw's existing national healthcare network, extensive
professional care services and world-class loyalty program to
deliver a personalized healthcare solution for Canadians.
2020 THIRD QUARTER HIGHLIGHTS
Unless otherwise indicated, the following highlights include the
impacts of the consolidation of franchises and COVID-19.
- Revenue was $15,671 million. When
compared to the third quarter of 2019, this represented an increase
of $1,016 million, or 6.9%.
- Retail segment sales were $15,464
million. When compared to the third quarter of 2019, this
represented an increase of $1,044
million, or 7.2%.
-
- Food retail (Loblaw) same-stores sales growth was 6.9%.
- Drug retail (Shoppers Drug Mart) same-store sales growth was
6.1%, with pharmacy same-store sales growth of 10.3% and front
store same-store sales growth of 2.4%.
- The Company's e-commerce initiative continued to contribute to
Everyday Digital sales which have grown 175% on a quarter-to-date
basis.
- The Company incurred approximately $85
million in COVID-19 related costs to ensure the safety and
security of customers and colleagues.
- Operating income was $718
million. When compared to the third quarter of 2019, this
represented an increase of $28
million, or 4.1%.
- Adjusted EBITDA(2) was $1,524
million. When compared to the third quarter of 2019, this
represented an increase of $32
million, or 2.1%.
- Adjusted EBITDA margin(2) was 9.7%. When compared to
the third quarter of 2019, this represented a decrease of 50
bps.
- Net earnings available to common shareholders of the Company
were $342 million. When compared to
the third quarter of 2019, this represented an increase of
$11 million, or 3.3%. Diluted net
earnings per common share were $0.96.
When compared to the third quarter of 2019, this represented an
increase of $0.06, or 6.7%.
- Adjusted net earnings available to common shareholders of the
Company(2) were $464
million. When compared to the third quarter of 2019, this
represented an increase of $6
million, or 1.3%.
- Adjusted diluted net earnings per common share(2)
were $1.30. When compared to the
third quarter of 2019, this represented an increase of $0.05, or 4.0%.
- In the third quarter of 2020, the Company repurchased 5.0
million common shares at a cost of $350
million.
- In October 2020, the Company
extended the maturity on its existing $1
billion revolving credit facility to October 2023.
- The Company invested $396 million
in capital expenditures and generated $121
million of free cash flow(2).
- The Company recorded approximately $12
million of restructuring and other related charges,
primarily related to Process and Efficiency initiatives.
- Quarterly common share dividend to be increased by 6.3% from
$0.315 per common share to
$0.335 per common share.
See "News Release
Endnotes" at the end of this News Release.
|
CONSOLIDATED RESULTS OF OPERATIONS
Unless otherwise indicated, all financial information includes
the impacts of the consolidation of franchises and COVID-19.
|
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|
|
|
|
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|
|
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For the periods ended
October 3, 2020
and October 5, 2019
|
2020
|
2019
|
|
|
2020
|
2019
|
|
|
|
(millions of Canadian
dollars except
where otherwise indicated)
|
(16
weeks)
|
(16 weeks)
|
$ Change
|
% Change
|
(40
weeks)
|
(40 weeks)
|
$ Change
|
% Change
|
|
Revenue
|
$
|
15,671
|
$
|
14,655
|
$
|
1,016
|
6.9%
|
$
|
39,428
|
$
|
36,447
|
$
|
2,981
|
8.2%
|
|
Operating
income
|
718
|
690
|
28
|
4.1%
|
1,663
|
1,729
|
(66)
|
(3.8)%
|
|
Adjusted
EBITDA(2)
|
1,524
|
1,492
|
32
|
2.1%
|
3,709
|
3,707
|
2
|
0.1%
|
|
Adjusted EBITDA
margin(2)
|
9.7%
|
10.2%
|
|
|
9.4%
|
10.2%
|
|
|
|
Net earnings
attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders of
the
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company
|
$
|
345
|
$
|
334
|
$
|
11
|
3.3%
|
$
|
760
|
$
|
824
|
$
|
(64)
|
(7.8)%
|
|
Net earnings
available to
|
|
|
|
|
|
|
|
|
|
common shareholders
of the
|
|
|
|
|
|
|
|
|
|
Company(i)
|
342
|
331
|
11
|
3.3%
|
751
|
815
|
(64)
|
(7.9)%
|
|
Adjusted net earnings
available
|
|
|
|
|
|
|
|
|
|
to common shareholders
of the
|
|
|
|
|
|
|
|
|
|
Company(2)
|
464
|
458
|
6
|
1.3%
|
1,082
|
1,121
|
(39)
|
(3.5)%
|
|
Diluted net
earnings per
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
common share
($)
|
$
|
0.96
|
$
|
0.90
|
$
|
0.06
|
6.7%
|
$
|
2.09
|
$
|
2.20
|
$
|
(0.11)
|
(5.0)%
|
|
Adjusted diluted net
earnings per
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
common
share(2) ($)
|
$
|
1.30
|
$
|
1.25
|
$
|
0.05
|
4.0%
|
$
|
3.01
|
$
|
3.03
|
$
|
(0.02)
|
(0.7)%
|
|
Diluted weighted
average
|
|
|
|
|
|
|
|
|
|
|
common shares
outstanding
|
|
|
|
|
|
|
|
|
|
|
(in
millions)
|
358.0
|
366.2
|
|
|
359.5
|
369.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(i)
|
Net earnings
available to common shareholders of the Company are net earnings
attributable to shareholders of the Company net of dividends
declared on the Company's Second Preferred Shares, Series
B.
|
REPORTABLE OPERATING SEGMENTS
The Company has two reportable operating segments (with all
material operations carried out in Canada):
- The Retail segment consists primarily of corporate and
franchise-owned retail food and Associate-owned drug stores. The
Retail segment also includes in-store pharmacies and other health
and beauty products, apparel and other general merchandise and
supports the PC Optimum Program; and
- The Financial Services segment provides credit card and
everyday banking services, the PC Optimum Program, insurance
brokerage services, and telecommunication services.
|
|
|
|
2020
|
2019
|
|
(16
weeks)
|
(16 weeks)
|
For the periods ended
October 3, 2020 and October 5, 2019
(millions of
Canadian dollars)
|
Retail
|
Financial
Services
|
Eliminations(i)
|
Total
|
Retail
|
Financial
Services
|
Eliminations(i)
|
Total
|
Revenue
|
$
|
15,464
|
$
|
278
|
$
|
(71)
|
$
|
15,671
|
$
|
14,420
|
$
|
309
|
$
|
(74)
|
$
|
14,655
|
Adjusted gross
profit(2)
|
$
|
4,534
|
$
|
226
|
$
|
(71)
|
$
|
4,689
|
$
|
4,262
|
$
|
262
|
$
|
(74)
|
$
|
4,450
|
Adjusted gross profit
%(2)
|
29.3%
|
81.3%
|
—%
|
29.9%
|
29.6%
|
84.8%
|
—%
|
30.4%
|
Operating
income
|
$
|
674
|
$
|
44
|
$
|
—
|
$
|
718
|
$
|
655
|
$
|
35
|
$
|
—
|
$
|
690
|
Net interest expense
and other financing charges
|
205
|
23
|
—
|
228
|
203
|
20
|
—
|
223
|
Earnings before
income taxes
|
$
|
469
|
$
|
21
|
$
|
—
|
$
|
490
|
$
|
452
|
$
|
15
|
$
|
—
|
$
|
467
|
Depreciation and
amortization
|
$
|
789
|
$
|
6
|
$
|
—
|
$
|
795
|
$
|
771
|
$
|
4
|
$
|
—
|
$
|
775
|
Adjusted
EBITDA(2)
|
1,474
|
50
|
—
|
1,524
|
1,452
|
40
|
—
|
1,492
|
Adjusted EBITDA
margin(2)
|
9.5%
|
N/A
|
—%
|
9.7%
|
10.1%
|
N/A
|
—%
|
10.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
(i)
|
Eliminations include
the reclassification of revenue related to President's Choice
Financial Mastercard® loyalty awards in the
Financial Services segment.
|
|
|
|
|
2020
|
2019
|
|
(40
weeks)
|
(40 weeks)
|
For the periods ended
October 3, 2020 and October 5, 2019
(millions of Canadian
dollars)
|
Retail
|
Financial
Services
|
Eliminations(i)
|
Total
|
Retail
|
Financial
Services
|
Eliminations(i)
|
Total
|
Revenue
|
$
|
38,816
|
$
|
777
|
$
|
(165)
|
$
|
39,428
|
$
|
35,778
|
$
|
859
|
$
|
(190)
|
$
|
36,447
|
Adjusted gross
profit(2)
|
$
|
11,468
|
$
|
678
|
$
|
(165)
|
$
|
11,981
|
$
|
10,622
|
$
|
742
|
$
|
(190)
|
$
|
11,174
|
Adjusted gross profit
%(2)
|
29.5%
|
87.3%
|
—%
|
30.4%
|
29.7%
|
86.4%
|
—%
|
30.7%
|
Operating
income
|
$
|
1,582
|
$
|
81
|
$
|
—
|
$
|
1,663
|
$
|
1,602
|
$
|
127
|
$
|
—
|
$
|
1,729
|
Net interest expense
and other financing charges
|
509
|
67
|
—
|
576
|
511
|
60
|
—
|
571
|
Earnings before
income taxes
|
$
|
1,073
|
$
|
14
|
$
|
—
|
$
|
1,087
|
$
|
1,091
|
$
|
67
|
$
|
—
|
$
|
1,158
|
Depreciation and
amortization
|
$
|
1,971
|
$
|
16
|
$
|
—
|
$
|
1,987
|
$
|
1,921
|
$
|
14
|
$
|
—
|
$
|
1,935
|
Adjusted
EBITDA(2)
|
3,612
|
97
|
—
|
3,709
|
3,565
|
142
|
—
|
3,707
|
Adjusted EBITDA
margin(2)
|
9.3%
|
N/A
|
—%
|
9.4%
|
10.0%
|
N/A
|
—%
|
10.2%
|
|
|
|
|
|
|
|
|
|
|
|
(i)
|
Eliminations include
the reclassification of revenue related to President's Choice
Financial Mastercard® loyalty awards in the
Financial Services segment.
|
RETAIL SEGMENT
Unless otherwise indicated, the following financial information
includes the impacts of the consolidation of franchises and
COVID-19.
- Retail segment sales were $15,464
million. When compared to the third quarter of 2019, this
represented an increase of $1,044
million, or 7.2%. After excluding the consolidation of
franchises, Retail segment sales increased by $939 million or 6.7%.
-
- Food retail (Loblaw) sales were $11,215
million and Food retail same-store sales growth was 6.9%
(2019 – 0.1%). Food same-store sales growth was positively impacted
by COVID-19.
-
- The Company's Food retail average article price was higher by
5.3% (2019 – 2.2%), which reflects the year over year growth in
Food retail revenue over the average number of articles sold in the
Company's stores in the quarter. The increase in average article
price was due to sales mix.
- Food retail basket size increased and traffic decreased in the
quarter.
- Drug retail (Shoppers Drug Mart) sales were $4,249 million, and Drug retail same-store sales
growth was 6.1% (2019 – 4.1%), with pharmacy same-store sales
growth of 10.3% (2019 – 5.3%) and front store same-store sales
growth of 2.4% (2019 – 3.1%). Drug same-store sales was positively
impacted by COVID-19.
-
- On a same-store basis, the number of prescriptions dispensed
increased by 5.0% (2019 – 2.9%) and the average prescription value
increased by 4.9% (2019 – 1.6%).
- Operating income in the third quarter of 2020 was $674 million. When compared to the third quarter
of 2019, this represented an increase of $19
million, or 2.9%.
- Adjusted gross profit(2) in the third quarter of
2020 was $4,534 million. When
compared to the third quarter of 2019, this represented an increase
of $272 million, or 6.4%. Excluding
the consolidation of franchises, adjusted gross
profit(2) increased by $153
million. Adjusted gross profit percentage(2) of
29.3% decreased by 30 basis points compared to the third quarter of
2019. Adjusted gross profit percentage(2), excluding the
consolidation of franchises, was 26.7%. This represented a decrease
of 60 basis points compared to the third quarter of 2019. Food
margins were negatively impacted as a result of COVID-19 related
changes in sales mix, and pricing investments. Drug retail margins
were negatively impacted as a result of COVID-19 related changes in
prescription refill limits from 30 days back to 90 days.
- Adjusted EBITDA(2) in the third quarter of 2020 was
$1,474 million. When compared to the
third quarter of 2019, this represented an increase of $22 million, or 1.5%. The increase included the
year-over-year favourable impact of the consolidation of franchises
of $8 million. Excluding the
consolidation of franchises, the increase was driven by an increase
in adjusted gross profit(2) of $153 million, partially offset by an increase in
SG&A of $139 million. SG&A as
a percentage of sales, excluding the consolidation of franchises,
was 17.2%, a decrease of 10 basis points compared to the third
quarter of 2019. The favourable decrease of 10 basis points was
primarily related to sales leverage and process and efficiency
gains which was partially offset by COVID-19 related costs and
incremental e-commerce labour costs as a result of increased
on-line sales.
- Depreciation and amortization in the third quarter of 2020 was
$789 million, an increase of
$18 million compared to the third
quarter of 2019, primarily driven by the consolidation of
franchises and an increase in IT assets. Included in depreciation
and amortization is the amortization of intangibles assets related
to the acquisition of Shoppers Drug Mart Corporation of
$155 million (2019 – $157 million).
- The Company recorded approximately $12
million of restructuring and other related charges,
primarily related to Process and Efficiency initiatives. Included
in the restructuring charges are $6
million of charges related to the closure of the two
distribution centres in Laval and
Ottawa, that were previously
announced in the first quarter of 2020. The Company is investing to
build a modern and efficient expansion to its Cornwall distribution centre to serve its food
and drug retail businesses in Ontario and Quebec. The distribution centres in
Laval and Ottawa will be transferring their volumes to
Cornwall and the Company expects
to incur additional restructuring costs through to 2022 related to
these closures.
- As at the end of the first quarter of 2020, the Company
consolidated all of its remaining franchisees. Consolidation of
franchises in the third quarter of 2020 resulted in a
year-over-year increase in revenue of $105
million, an increase in adjusted EBITDA(2) of
$8 million, an increase in
depreciation and amortization of $9
million and a decrease in net earnings attributable to
non-controlling interests of $4
million.
FINANCIAL SERVICES SEGMENT
- Revenue was $278 million. When
compared to the third quarter of 2019, this represented a decrease
of $31 million. The decrease was
primarily driven by lower interest, interchange income and credit
card related fees due to lower customer spending, partially offset
by higher sales attributable to The Mobile
ShopTM.
- Earnings before income taxes were $21
million. When compared to the third quarter of 2019, this
represented an increase in earnings of $6
million. The increase was primarily driven by lower credit
losses and expected credit losses, and lower customer acquisition
costs, partially offset by lower revenue, as described above.
- In the third quarter, the Company launched the PC Money
Account. New customers enrolled in the PC Money Account to
date have exceeded the Company's expectations.
COVID-19 UPDATE
General
The COVID-19 pandemic had a significant impact on our
colleagues, customers, suppliers and other stakeholders in the
third quarter. As disclosed previously, starting in March, the
Company reacted quickly to changing circumstances by ramping up
investments in various areas.
In the four weeks following the end of the third quarter, the
Company observed continued sales volatility and changes in sales
mix as the pandemic impacted consumer behaviour. Food retail
same-store sales trends and COVID-19 related costs were in line
with third quarter results, however, Drug retail same-store sales
have decelerated when compared to the third quarter.
In light of the uncertainty surrounding the duration and
severity of the pandemic, it is not possible to reliably estimate
the length and severity of COVID-19 related impacts on the
financial results and operations of the Company. As announced on
April 9, 2020, the Company has
withdrawn its 2020 Outlook that is contained in its Management's
Discussion and Analysis ("MD&A") for the year ended
December 28, 2019.
Liquidity
The Company's liquidity position is supported by a strong
balance sheet and the ability to generate significant cash flow
from its operations. In September
2020, DBRS Morningstar upgraded Loblaw's credit rating from
BBB to BBB (high). Subsequent to the end of the third quarter of
2020, the Company extended the maturity of its existing
$1 billion credit facility to
October 7, 2023. As at the end of the
third quarter, the Company's consolidated cash and short-term
investments balance was $1.8 billion. The aggregate available
liquidity is approximately $3.8
billion including undrawn amounts under committed credit
facilities. President's Choice Bank continues to maintain a level
of liquidity well in excess of required regulatory minimums.
Risk Factor
For more information on the risks presented to the Company by
the COVID-19 pandemic, please see Section 9, "Enterprise Risks and
Risk Management" of the Company's MD&A for the quarter ended
October 3, 2020.
DECLARATION OF DIVIDENDS
Subsequent to the end of the third quarter of 2020, the Board of
Directors declared a quarterly dividend on Common Shares and
Second Preferred Shares, Series B.
Common
Shares
|
$0.335 per common
share, payable on December 30, 2020 to shareholders of record on
December 15, 2020
|
|
|
Second Preferred
Shares, Series B
|
$0.33125 per share,
payable on December 31, 2020 to shareholders of record on
December 15, 2020
|
NON-GAAP FINANCIAL MEASURES
The Company uses non-GAAP financial measures as it believes
these measures provide useful information to both management and
investors with regard to accurately assessing the Company's
financial performance and financial condition.
Management uses these and other non-GAAP financial measures to
exclude the impact of certain expenses and income that must be
recognized under GAAP when analyzing underlying consolidated and
segment operating performance, as the excluded items are not
necessarily reflective of the Company's underlying operating
performance and make comparisons of underlying financial
performance between periods difficult. The Company excludes
additional items if it believes doing so would result in a more
effective analysis of underlying operating performance. The
exclusion of certain items does not imply that they are
non-recurring.
These measures do not have a standardized meaning prescribed by
GAAP and therefore they may not be comparable to similarly titled
measures presented by other publicly traded companies and should
not be construed as an alternative to other financial measures
determined in accordance with GAAP.
For reconciliation to, and description of, the Company's
non-GAAP financial measures and financial metrics, please refer to
Section 11 "Non-GAAP Financial Measures" of the Company's 2020
Third Quarter Report to Shareholders.
FORWARD-LOOKING STATEMENTS
This News Release contains forward-looking statements about the
Company's objectives, plans, goals, aspirations, strategies,
financial condition, results of operations, cash flows,
performance, prospects, opportunities and legal and regulatory
matters. Specific forward-looking statements in this News Release
include, but are not limited to, statements with respect to the
Company's anticipated future results, events and plans, strategic
initiatives and restructuring, regulatory changes including further
healthcare reform, future liquidity, planned capital investments,
and the status and impact of Information Technology systems
implementations. These specific forward-looking statements are
contained throughout this News Release including, without
limitation, in the "Consolidated Results of Operations" Other
Business Matters section and "COVID-19 Update" section of this News
Release. Forward-looking statements are typically identified by
words such as "expect", "anticipate", "believe", "foresee",
"could", "estimate", "goal", "intend", "plan", "seek", "strive",
"will", "may", "should" and similar expressions, as they relate to
the Company and its management.
Forward-looking statements reflect the Company's estimates,
beliefs and assumptions, which are based on management's perception
of historical trends, current conditions and expected future
developments, as well as other factors it believes are appropriate
in the circumstances. The Company's expectation of operating and
financial performance in 2020 is based on certain assumptions
including assumptions about the COVID-19 pandemic, healthcare
reform impacts, anticipated cost savings and operating efficiencies
and anticipated benefits from strategic initiatives. The Company's
estimates, beliefs and assumptions are inherently subject to
significant business, economic, competitive and other uncertainties
and contingencies regarding future events, including the COVID-19
pandemic and as such, are subject to change. The Company can give
no assurance that such estimates, beliefs and assumptions will
prove to be correct.
Numerous risks and uncertainties could cause the Company's
actual results to differ materially from those expressed, implied
or projected in the forward-looking statements, including those
described in Section 12 "Enterprise Risks and Risk Management" of
the MD&A in the 2019 Annual Report and the Company's 2019
Annual Information Form (for the year ended December 28, 2019) as well as COVID-19 related
risks that have been added to Section 9 "Enterprise Risks and Risk
Management" of the Company's MD&A for the quarter ended
October 3, 2020.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which reflect the Company's
expectations only as of the date of this News Release. Except as
required by law, the Company does not undertake to update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise.
CORPORATE PROFILE
2019 Annual Report and 2020 Third Quarter Report to
Shareholders
The Company's 2019 Annual Report and 2020 Third Quarter Report
to Shareholders are available in the "Investors" section of the
Company's website at loblaw.ca and on sedar.com.
Additional financial information has been filed electronically
with various securities regulators in Canada through the System for Electronic
Document Analysis and Retrieval (SEDAR) and with the Office of the
Superintendent of Financial Institutions (OSFI) as the primary
regulator for the Company's subsidiary, President's Choice Bank.
The Company holds an analyst call shortly following the release of
its quarterly results. These calls are archived in the "Investors"
section of the Company's website at loblaw.ca.
Conference Call and Webcast
Loblaw Companies Limited will host a conference call as well as
an audio webcast on November 12, 2020
at 10:00 a.m. (ET).
To access via tele-conference, please dial (647) 427-7450 or
(888) 231-8191. The playback will be made available approximately
two hours after the event at (416) 849-0833 or (855) 859-2056,
access code: 9959726. To access via audio webcast, please go to the
"Investors" section of loblaw.ca. Pre-registration will be
available.
Full details about the conference call and webcast are available
on the Loblaw Companies Limited website at loblaw.ca.
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News Release
Endnotes
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(1)
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This News Release
contains forward-looking information. See "Forward-Looking
Statements" section of this News Release and the Company's 2020
Third Quarter Report to Shareholders for a discussion of material
factors that could cause actual results to differ materially from
the forecasts and projections herein and of the material factors
and assumptions that were used when making these statements. This
News Release should be read in conjunction with Loblaw Companies
Limited's filings with securities regulators made from time to
time, all of which can be found at sedar.com and at
loblaw.ca.
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(2)
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See Section 11
"Non-GAAP Financial Measures" of the Company's 2020 Third Quarter
Report to Shareholders, which includes the reconciliation of such
non-GAAP measures to the most directly comparable GAAP
measures.
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(3)
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To be read in
conjunction with the "Forward-Looking Statements" section of this
News Release and the Company's 2020 Third Quarter Report to
Shareholders.
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SOURCE Loblaw Companies Limited