CA - Loblaw Companies Limited (LBLCF) Q4 2023 Earnings Call Transcript

2024-02-22 16:30:05 ET

Loblaw Companies Limited (LBLCF)

Q4 2023 Earnings Conference Call

February 22, 2024 10:00 AM ET

Company Participants

Roy MacDonald - VP, IR

Per Bank - President and CEO

Richard Dufresne - CFO

Conference Call Participants

Mark Petrie - CIBC

Irene Nattel - RBC Capital Markets

George Doumet - Scotiabank

Tamy Chen - BMO

Vishal Shreedhar - National Bank

Michael Van Aelst - TD Securities

Chris Li - Desjardins Securities

Presentation

Operator

Good morning ladies and gentlemen and welcome to the Loblaw's Company Limited Fourth Quarter 2023 Results Conference Call. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. [Operator Instructions] This call is being recorded on Thursday, February 22nd, 2024.

I would now like to turn the conference over to Mr. Roy MacDonald. Please go ahead, sir.

Roy MacDonald

Thank you, Cynthia and good morning everybody. Welcome to the Loblaw Companies Limited fourth quarter and full year 2023 results conference call. I am happy to be joined here this morning by Per Bank, our President and Chief Executive Officer; and by Richard Dufresne, our Chief Financial Officer.

So, before we begin the call, I want to remind you that today's discussion will include forward-looking statements, which may but are not limited to statements with respect to Loblaw's anticipated future results, and these statements are based on assumptions and reflect management's current expectations, as such are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from our expectations.

These risks and uncertainties are discussed in the company's materials filed with the Canadian Securities regulators. Any forward-looking statements speak only as of the date they are made.

The company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, other than what's required by law.

Also, certain non-GAAP financial measures may be discussed or referred to today. So, please refer to our annual report and other materials filed with the Canadian Securities regulators for a reconciliation of each of these measures to the most directly comparable GAAP financial measure.

And with that, I'll turn the call over to Richard.

Richard Dufresne

Thank you, Roy and good morning everyone. We are very pleased to deliver another year of consistent operational and financial results. Our businesses continue to perform well, reflecting our focus on retail excellence. On the full year, revenue came in at just under $60 billion, and we generated earnings in excess of $2 billion. We plan to reinvest over $2 billion back into the Canadian economy and in jobs through our 2024 capital program....

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