Depending on how it’s counted, either Loblaws profits declined or increased in its fourth quarter.
Without a charge to account for uncashed PC Optimum points, profits increased from $630 to $669 million, but with the charge profits declined to $541 million.
Fourth-quarter revenues increased by 2.9 per cent to $14.9 billion.
For the full year, Loblaw’s revenue increased by 2.5 per cent to approximately $61-billion.
Net earnings increased to nearly $2.2-billion compared with nearly $2.1-billion in fiscal 2023.
The company announced it plans to open 80 new stores this year, 50 of them discount stores.
