Loblaw Q4 profit more than doubles from a year ago

Loblaw Companies Ltd. reported its fourth-quarter profit more than doubled compared with a year ago, boosted by a one-time gain related to a Supreme Court decision on a tax case.

The parent company of Loblaws and Shoppers Drug Mart says its net earnings available to common shareholders totalled $744 million or $2.20 per diluted share for the 12-week period ended Jan. 1.

The result compared with a profit of $345 million or 98 cents per diluted share for the 13-week period ended Jan. 2, 2021.

Revenue totalled nearly $12.8 billion, down from nearly $13.3 billion a year earlier when the quarter included an extra week.

The most recent quarter included a recovery of $301 million related to the Supreme Court's decision on the Glenhuron Bank Ltd. tax case involving Loblaw Financial Holdings.

On an adjusted basis, Loblaw says it earned $1.52 per diluted share for the quarter, up from an adjusted profit of $1.22 per diluted share a year earlier.