In its Q3 earnings call, Loblaw reported a quarterly profit year-over-year gain from $621 million to $777 million. Revenue for Q3 was $18.54 billion, up from $18.27 billion a year earlier.

Loblaw same-store food retail sales increased by 0.5% compared to 4.5% last year, while Shoppers Drug Mart same-store retail sales increased 2.9% compared to 4.6% last year. Loblaw’s financial services revenue last quarter was $382 million, an increase of 0.8%, thanks to credit card portfolio growth.

The company says the timing of Thanksgiving – a key calendar moment that happened after the financial reporting period ending Oct. 5 – had a negative impact. Excluding Thanksgiving’s impact, same-store food sales grew by 1.3%. The timing of the holiday had a “nominal impact” on drug retail same-store sales growth.

The company noted that in front of store, its Prestige Beauty is continuing to perform “really, really well,” with Shoppers’ retail strategy to offer the widest assortment of beauty products.

Loblaw reported that e-commerce sales increased by 18.5%, with online sales reflecting its highest growth rate in the last two-and-a-half years.

Loblaw opened 29 No Frills and Maxi stores in the quarter, as the consumer trend from conventional to discount banners continued.

In Q4, the company will be adding another 20 new Maxi and No Frills stores, with the majority of these being new builds as Loblaw endeavors to bring more value to communities.

For the full year 2024, it expects to have opened 50 new stores and converted an additional 42 stores.

Loblaw also unveiled pilot No Name discount stores in three Ontario markets.

“What we’re seeing is that [customers are] not only shifting to our hard discount on Maxi and No Frills, but they’re also going more into our Superstores,” Loblaw president and CEO Per Bank said during the company’s earnings call. “After having combined our Real Atlantic Superstores with the Canadian Superstores, we’re seeing a good benefit of that.”

This year, the company introduced 650 new products, some of which were unveiled in the recent PC Insiders’ Report.