Loblaw Companies posts profit surge on GLP‑1 sales, records US store debut

Loblaw Companies Ltd. reported a second‑quarter profit of C$751 million, a 5 % year‑over‑year increase, with total sales of C$15.3 billion. The gain was driven by strong performance of its discount banners No Frills and Maxi and a 40 % rise in sales of generic GLP‑1 weight‑loss drugs after Health Canada approved a generic semaglutide injection.

The company’s pharmacy division, anchored by Shoppers Drug Mart, posted a 4.6 % same‑store sales increase, while overall retail sales rose 4.1 % to about US$10.7 billion and operating income reached US$855.3 million. E‑commerce sales jumped 19.3 %.

In June, Loblaw opened its first T&T Supermarket in San Jose, California, which set a record for the highest first‑week sales of any Loblaw store. The CEO, Per Bank, said the U.S. launch is a key growth opportunity and announced plans for two additional California locations this year.