LOBLAW COMPANIES $44.75 (Toronto symbol L; Shares outstanding: 281.8 million; Market cap: $12.1 billion; TSINetwork Rating: Above Average; Dividend yield: 2.0%; www.loblaw.ca) is Canada’s largest food retailer, with about 1,000 stores.
In the three months ended March 23, 2013, Loblaw’s sales rose 3.8%, to $7.2 billion from $6.94 billion a year earlier. Overall sales at its supermarkets rose 3.4%, while same-store sales rose 2.8%. Revenue from its financial services division, which mainly issues credit cards, rose 27.9%. Before one-time items, earnings rose 11.6%, to $0.48 a share from $0.43.
As mentioned, Loblaw has announced a plan to form a REIT that will hold $7 billion of its properties. Right now, the company owns 47 million square feet of real estate with a market value of $9 billion to $10 billion. After this transaction closes in mid-2013, Loblaw will sell units of the REIT to the public. It will hang on to a majority stake.
Even with its price rise, the stock trades at a reasonable 15.7 times Loblaw’s forecast 2013 earnings of $2.65 a share. As well, the company has just raised its quarterly dividend by 9.1%, to $0.24 a share from $0.22. The new annual rate of $0.96 yields 2.0%.
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Privacy Policy and Terms of Use
The Successful Investor Inc. and its affiliate Successful Investor Wealth Management (referred to hereafter as TSI Network) know that you care how information about you is used and shared, and we appreciate your trust that we will do so carefully and sensibly. This notice describes our privacy policy. By visiting websites owned by or associated with TSI Network, you are accepting the practices described in this Privacy Policy.
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