LOBLAW COMPANIES $34.62 (Toronto symbol L; Shares outstanding: 281.4 million; Market cap: $9.7 billion; TSINetwork Rating: Above Average; Dividend yield: 2.4%; www.loblaw.ca) is cutting 700 jobs, or about 1% of its overall workforce. Most of these positions are administrative and are not at its 1,000 supermarkets across Canada.
Severance payments and other costs will total $60 million. To put that in context, Loblaw earned $159 million, or $0.57 a share, in the three months ended June 16, 2012.
The company did not say how much these job cuts would save it. However, the resulting lower costs will help it compete with big U.S. retailers like Wal-Mart and Target, which are aggressively expanding in Canada.
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