BRAMPTON, ON, Feb. 20,
2024 /CNW/ - Loblaw Companies Limited (TSX:
L) "Loblaw" or the "Company"), Canada's food and pharmacy retail leader,
expects to invest more than $2 billion
dollars into the Canadian economy in 2024. This record
investment reflects Loblaw's commitment to enhancing its store
network, creating job opportunities, and improving accessibility to
affordable food and healthcare services for communities across the
country.
The Company's capital investments this year are expected to
create more than 7,500 jobs in Canada, reinforcing Loblaw's position as a
major contributor to Canada and
its economy. Part of the Company's investment will be in its store
network, with plans to build more than 40 new stores, expand or
relocate another 10 and renovate more than 700 others.
"This year, we are investing where Canadians need it most. We
will introduce more than 40 new discount stores and 140 new
pharmacy care clinics in communities across the country – making
healthcare and affordable food more accessible to more people,"
said Per Bank, President and CEO,
Loblaw Companies Limited. "These investments in Canada are a catalyst for job growth and the
creation of countless opportunities, in our stores, in our company
and with the many partners who work with us."
For decades, Loblaw has made significant investments in the
Canadian economy. This year's investment is in addition to more
than $10B the company has invested
since 2016.
Forward Looking
Statements
This News Release contains forward-looking statements about the
Company's capital expenditure plans and their impact.
Forward-looking statements reflect the Company's estimates, beliefs
and assumptions, which are based on management's perception of
historical trends, current conditions and expected future
developments, as well as other factors it believes are appropriate
in the circumstances. The Company's estimates, beliefs and
assumptions are inherently subject to significant business,
economic, competitive and other uncertainties and contingencies
regarding future events and, as such, are subject to change. The
Company can give no assurance that such estimates, beliefs and
assumptions will prove to be correct. Numerous risks and
uncertainties could cause the Company's actual results, and the
impact of the capital expenditures described in this News Release,
to differ materially from those expressed, implied or projected in
the forward-looking statements, including those described in the
Company's MD&A in the Company's 2022 Annual Report and in the
Company's 2022 Annual Information Form for the year ended
December 31, 2022, both of which are available on SEDAR+ at
www.sedarplus.com. Readers are cautioned not to place undue
reliance on these forward-looking statements, which reflect the
Company's expectations only as of the date of this News Release.
Except as required by law, the Company does not undertake to update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise.
About Loblaw Companies
Limited
Loblaw Companies Limited is Canada's food and pharmacy leader, as well as
its largest retailer and private sector employer. With
approximately 2 billion transactions each year in its unmatched
network of 2,500 stores and national e-commerce options, Loblaw
brings food, pharmacy, beauty, apparel and financial services to
customers through many of Canada's
favourite and most-trusted brands: President's Choice, No Name,
Loblaws, Shoppers Drug Mart, No Frills, Real Canadian Superstore,
T&T, Joe Fresh, PC Express and PC Financial. The
Company's loyalty program, PC Optimum, has more than 18 million
members and is one of Canada's
largest and best-loved reward programs.
Loblaw's purpose is to help Canadians live life well. It makes
good food affordable, health, beauty and wellness accessible,
saving for the future possible, and essential style achievable.
SOURCE Loblaw Companies Limited