The earnings call presented a generally positive outlook, with significant revenue growth, market share gains, and strong performance in drug retail and online sales. However, there were challenges in specific segments like liquor and optical business, leading to some negative impacts on sales. Overall, the positive aspects significantly outweighed the lowlights, indicating a strong performance and optimistic future outlook.

Company Guidance

During the Loblaws Inc. Third Quarter 2025 Results Conference Call, the company outlined strong financial performance and strategic initiatives. Revenue for the quarter grew by 4.6% to $19.4 billion, with the drug retail business increasing by 3.8% and food retail by 4.8%. Adjusted EBITDA rose 7.2% to $2.2 billion, improving the margin by 20 basis points to 11.4%. Adjusted diluted net earnings per share increased by 11.3% to $0.69, while GAAP net earnings per share grew by 4.8%. The company saw a 2% increase in food same-store sales and a 4% increase in drug retail same-store sales. Online sales surged by 18%, driven by strong growth in the online grocery channel. Loblaw's internal food inflation was lower than Canada's grocery CPI of 3.6%, indicating increased value for Canadian shoppers. The company opened 76 stores over the past 12 months, expanding retail square footage by 2%. They also announced a partnership with Specsavers to open 111 locations, replacing the Theodore and Pringle optical business, which resulted in a $30 million adjusted charge this quarter. Looking forward, Loblaw expects full-year adjusted EPS growth to edge into low double digits, excluding the 53rd week impact.

Consistent Financial and Operational Performance

Loblaws Inc. reported consolidated revenue growth of 4.6%, reaching $19.4 billion, with adjusted EBITDA increasing by 7.2% to $2.2 billion. Adjusted diluted net earnings per share grew by 11.3% to $0.69.

Retail Expansion and Market Share Gains

76 new stores opened over the past 12 months, increasing retail square footage by 2%. The company reported significant tonnage market share gains in food retail, with food sales growing 4.8%.

Strong Drug Retail Performance

Drug retail business grew by 3.8%, with same-store sales increasing by 4%. Pharmacy and health care services grew by 5.9%, driven by prescription strength and new health care services.

Online Sales Growth

Online sales increased by 18% across retail businesses, with delivery leading growth in the online grocery channel.

Positive Outlook for Q4 and Beyond

The company expects full-year adjusted EPS growth to increase slightly from high single digits into the low double digits, excluding the impact of the 53rd week.

Loblaw Companies (LBLCF) Earnings, Revenues Date & History

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LBLCF Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Feb 19, 2026	2025 (Q4)	0.47 / -	0.393	―	―	―
Nov 12, 2025	2025 (Q3)	0.48 / 0.49	0.446	10.40% (+0.05)
Jul 24, 2025	2025 (Q2)	0.41 / 0.43	0.384	11.52% (+0.04)
Apr 30, 2025	2025 (Q1)	0.33 / 0.34	0.307	9.30% (+0.03)
Feb 20, 2025	2024 (Q4)	0.39 / 0.39	0.357	10.00% (+0.04)
Nov 13, 2024	2024 (Q3)	0.44 / 0.45	0.403	10.62% (+0.04)
Jul 25, 2024	2024 (Q2)	0.38 / 0.38	0.346	10.93% (+0.04)
May 01, 2024	2024 (Q1)	0.30 / 0.31	0.277	10.82% (+0.03)
Feb 22, 2024	2023 (Q4)	0.34 / 0.36	0.314	13.64% (+0.04)
Nov 15, 2023	2023 (Q3)	0.40 / 0.40	0.358	12.55% (+0.04)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

LBLCF Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Nov 12, 2025	$40.20	$41.94	+4.33%
Jul 24, 2025	$39.88	$40.69	+2.03%
Apr 30, 2025	$39.13	$40.33	+3.07%
Feb 20, 2025	$31.22	$30.58	-2.05%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.