Loblaws sales decline

Loblaws sales declined by four per cent in comparison with the same number of fourth-quarter weeks last year.

The company’s inflation rate was 4.8 per cent, so the decline in groceries sold was more than eight per cent.

Its fourth-quarter net income was $719 million.

Its annual net earnings increased from $1.2 to $2 billion on sales of $53.2 billion.

When the extra week this year’s fourth quarter is included, revenue increased 2.8 per cent to $12.8-billion.