Loblaws 3Q2012, Metro Inc 4Q2012 Release Quarterly Financial Results, revenue earnings cash dividends

 

Loblaw Companies Period Ending October 6, 2012 (16 and 40 weeks)

Loblaws (TSX:L) assets are valued at $C17.354 billion, up 2.63% since last October (2011) and +0.49% over the last three months.  Quarterly (3rd, 16 wks):  Retail food and clothing business:  Revenues of $9.627B which is 0.7% higher qoq however same-store sales contracted by -0.2% (grew by 1.3% last year).  Quarterly Gross Profit now at $2.104B (+1.6%).  Net Earnings down -6.8% to $222 million or 79 cents per share (-6.0%).  2012 Full year capex on track to be $1.1 billion.  During this period the Canadian Consumer Price Index was 1.8%, down from 4.9%.  Financial Services Segment (2.0% of total revenue) accounted for 36% of the change in group revenue; Financial Segment added $19m in EBIT (up +9m) whereas EBIT from retail operations was down by $30m/-9.4%.  Data in Canadian currency.

For the 40 week, nine month period:  Food/Apparel/Retail:  Sales +0.8% to $23.671B, Gross Profit down -0.1% -> $5.244B, same-store sales decline -0.2% (vs 0.4% growth last year).  40 wks operating income down -14% -> $873M putting oper.margin at 3.7% (vs 4.3% last year).  Dividend at 22c which is 1c more than it was last year.  Results were impacted by:  higher credit card receivables, increased sales of Mobile devices, internal food price inflation, moderate increase in pharmaceutical sales (purchase of Zellers drugstore business), apparel sales flat.  More information available at our Loblaw Financials section

 

Metro Inc 13 Weeks Ended September 29, 2012

Quebec's leading grocer Metro Inc profited $145.1 million or $1.46 per share (up +75.9%) on retail revenues of $2.9437 billion (up +11.1%) with same-store sales up +1.1% which is marginally higher than the 1.0% recorded in 2Q2012;  1.1% beats loblaws (-0.2%) but is lower than Sobeys (+1.8%).  Adjusted net income ($123.4M +4.2%) was $21.7 million lower than unadjusted mostly due to the current period being one week longer (13 vs 12);  Excluding the extra week, quarterly profit was up 2.5%.  Adonis and Phoenecia contributed $63.3 million in sales to Metro Inc (2.4% of total).

Dividends - Metro paid out 7.2% more in dividends ($19.5 million -> $20.9 million; on the year $82.9m, up from $77.1m).  Dividend per common share now at 21.5 cents up from 19.5 cents.

EBITDA up +16.70% to $894.3M which now represents 6.7% of total sales;  Adjusted EBITDA up +10.5% to $869.3M, representing 6.9% of total sales.

Earnings Per Share (EPS) diluted - up 75.9% ($0.83 -> $1.46);  Adjusted - +27.8% ($0.97 -> $1.24)

In the 4Q the company had a non-recurring gain of $25.0M and a non-recurring loss of $20.5M.

Declining Interest in Couche Tard - In August 2012 Couche Tard issued 7.3 million shares (proceeds of $330 million) to finance part of its acquisition of Statoil Fuel & Retail ASA.  Because Metro Inc didn't purchase any of those shares, its ownership interest in Couche Tard declined from 11.6% to 11.1%.

 

2012 Fiscal Year - 53 Weeks Ending September 29, 2012

Metro Inc profited $489.3 million or $4.84 per share (up +27.7%) on retail revenues of $12.0108 billion (up +5.4%) with same-store sales up +1.2% which is higher than the 0.04% growth in fiscal 2011.  Adjusted net income ($470.6M +27.7%) was $18.7m lower than unadjusted due to a non-recurring tax expense of $3.0 million, Couche Tard dilution gain of $25.0 million (before tax) and before tax closure costs of $20.5 in 2011.  The current period being one week longer (53 vs 52).  Adonis and Phoenecia revenue contribution by quarter:  1Q $33.0m, 2Q $59.0M, 3q $81.3m, 4q  $63.3m, total for the year = $236.6 million or 1.97% of Metro Inc total group sales.

Dividends - Dividend per common share now 85 cents versus 75 cents in 2011 (+13%).

EBITDA up +16.7% to $8.943B which now represents 7.4% of total sales;  Adjusted EBITDA up +10.4% to $821.7M, representing 6.5% of total sales.

Earnings Per Share (EPS) diluted - up 27.7% ($3.79 -> $4.84);  Adjusted +18.3% ($3.93 -> $4.65

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