Loblaw Promises ‘If It’s Not Fresh, It’s Free’
The Fresh Promise applies to any fresh produce item purchased at Loblaws, Independent, valu-mart, and Zehrs locations, both in store and online. If customers return their produce, they will need to present their original receipt of purchase at the Loblaw store where the produce originated.
In other news, Loblaw recently apologized to Canadians for its role in a decade-old, industry-wide bread price-fixing arrangement and agreed to a total settlement of CAD $500 million, the largest antitrust settlement in Canadian history.
Loblaw’s results in its second quarter, ended June 15, reflect the impact of the settlement, which negatively affected net earnings by CAD $121 million.
Other Q2 financial results include an increase in retail segment sales by CAD $187 million, or 1.4%. E-commerce sales grew by 14.2%. Adjusted EBITDA rose by CAD $73 million, or 4.5%. Diluted net earnings per common share were CAD $1.48, a decrease of 10 cents, or 6.3%.
Brampton, Ontario-based Loblaw Cos. Ltd. is the largest retailer and private-sector employer in Canada. The company’s network of 2,500 stores and national e-commerce options completes more than 1 billion transactions each year. Loblaw is No. 10 on The PG 100, Progressive Grocer’s 2024 list of the top food and consumables retailers in North America.