Loblaw (L:TSX)reported a 6% increase in first-quarter sales

Loblaw stock

Loblaw Companies Limited Stock Forecast:

Fifteen analysts have predicted that the average target price for Loblaw Companies Limited‘s stock over the next 12 months is CAD 129.63, and they have given the company an average rating of Buy. Stock Target Advisor‘s analysis is Slightly Bearish based on 6 positive signals and 10 negative signals. Loblaw Companies Limited’s stock price has increased by 2.33% over the past week, 4.46% over the past month, and 10.46% over the last year. At the last closing, the stock price was CAD 128.66.

Loblaw Co Ltd. News:

Loblaw (L:TSX)(L:CA) reported a 6% increase in first-quarter sales thanks to strong demand for groceries and drugs. The company’s first-quarter revenue totaled CAD 11.9 billion, up from CAD 11.2 billion a year earlier.

The increase in sales was driven by a 6.5% growth in same-store sales, which measures sales at stores open for more than a year. The company’s e-commerce business also saw significant growth, with online sales up 160% year over year.

According to Loblaw CEO Galen Weston, the company’s success in the first quarter was largely due to its ability to adapt quickly to changing consumer behavior during the pandemic. “Our team has done an excellent job of pivoting our operations to meet the changing needs of Canadians,” Weston said in a statement.

The company’s strong performance in the first quarter was also helped by its pharmacy business, which saw sales grow 10.2% year over year. This was driven by increased demand for prescription drugs and health-related products during the pandemic.

Analysts Coverage Change:

CIBC World Markets (RANK #15)  maintains an “Outperform” rating for Loblaws (L:TSX)  with a target price of $149 on the company’s stock.

L:CA Ratings by Stock Target Advisor

About Loblaw Companies Ltd.:

Loblaw Companies Limited is a Canadian food and pharmacy company that operates in multiple sectors including grocery, pharmacy, health and beauty, apparel, general merchandise, financial services, and wireless mobile products and services. It has two segments: Retail, which includes retail food, drug, health and beauty, apparel, and general merchandise stores, and Financial Services, which provides credit card and banking services, insurance brokerage, telecommunication services, and the PC Optimum program. Loblaw operates under various brand names, was founded in 1919, and is headquartered in Brampton, Canada. It is a subsidiary of George Weston Limited.

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