BRAMPTON, ON, June 19,
2024 /CNW/ - With the recent opening of its
16th new location this year, a unique small-format No
Frills, Loblaw Companies Ltd ("Loblaw", (TSX: L) is on track to
open 40 new stores this year and convert dozens more.
Over the past few months, the company has built and opened 9 new
stores, and converted 7 others. The conversions have largely
focused on expanding the company's hard-discount stores, Maxi and
No Frills, as Canadians continue to look for ways to save on their
grocery bills. These stores provide significant value to customers,
with lower prices on average and a price match guarantee.
"As a Canadian company, our purpose is to help our colleagues
and customers live life well, and when it comes to groceries, the
best way we can do that is by making good food affordable," said
Richard Dufresne, Chief Financial
Officer, Loblaw. "We know there are a lot of underserviced areas in
this country looking for discount grocers who can bring prices down
for the community. These new stores, and our increased investment
in the hard-discount format, is the next step in our ongoing
commitment to delivering the best possible value."
The new stores are part of a larger announcement in February of
this year, whereby the company committed to a capital investment of
more than $2 billion dollars into the
Canadian economy in 2024. This investment is expected to create
more than 7,500 jobs in Canada,
reinforcing Loblaw's position as a major contributor to
Canada and its economy.
To learn more please visit:
https://www.loblaw.ca/en/loblaw-to-invest-more-than-2-billion-in-the-canadian-economy-creating-thousands-of-jobs-and-opening-more-than-40-additional-stores/
Forward Looking
Statements
This News Release contains forward-looking statements about the
Company's capital expenditure plans and their impact.
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 estimates, beliefs and
assumptions are inherently subject to significant business,
economic, competitive and other uncertainties and contingencies
regarding future events 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, and the
impact of the capital expenditures described in this News Release,
to differ materially from those expressed, implied or projected in
the forward-looking statements, including those described in the
Company's MD&A in the Company's 2022 Annual Report and in the
Company's 2022 Annual Information Form for the year ended
December 31, 2022, both of which are available on SEDAR+ at
www.sedarplus.com. 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.
About Loblaw Companies
Limited
Loblaw Companies Limited is Canada's food and pharmacy leader, as well as
its largest retailer and private sector employer. With over 1
billion transactions each year in its unmatched network of 2,500
stores and national e-commerce options, Loblaw brings food,
pharmacy, beauty, apparel and financial services to customers
through many of Canada's favourite
and most-trusted brands: President's Choice, No Name, Loblaws,
Shoppers Drug Mart, No Frills, Real Canadian Superstore, T&T,
Joe Fresh, PC Express and PC Financial. The Company's loyalty
program, PC Optimum, has more than 16 million active members and is
one of Canada's largest and
best-loved reward programs.
Loblaw's purpose is to help Canadians live life well. It makes
good food affordable, health, beauty and wellness accessible,
saving for the future possible, and essential style achievable.
SOURCE Loblaw Companies Limited - Public Relations