OTTAWA (dpa-AFX) - Loblaw Companies Ltd. (L.TO) said Thursday that it is withdrawing its financial outlook for fiscal 2020 due to the uncertainty created by the COVID-19 pandemic.
The Canada-based retailer noted that it is difficult to predict with precision how its business will perform for the balance of the year relative to its previously published guidance.
The financial outlook for fiscal 2020 was contained in Loblaw's Management's Discussion and Analysis for the year ended December 28, 2019. Loblaw expects to release its first-quarter results on April 29, 2020.
Loblaw noted that as it is an employer of more than 190,000 colleagues, it is taking very seriously its role in providing a safe and secure work and shopping environment for its colleagues as well as the thousands of customers who visit its food stores and pharmacies every week.
The company said that it witnessed a significant increase in sales as Canadians turned to grocery stores and pharmacies in record numbers beginning in March. Demand for essential items rose strongly while customers started to shift away from discretionary categories.
As the severity of COVID-19 increased during the month, Loblaw ramped up its investments in four areas.
The company enhanced customer convenience by expanding its on-line capabilities and increasing staffing in its stores as well as provided temporary pay premiums and pay protection safeguards to support the workers in its stores and distribution centres.
The company also commenced more in-store cleaning and in-store security, promoted social distancing, and installed plexiglass barriers at check outs. In addition, it has pledged financial support to food banks and community charities and offering personalized solutions for PC MasterCard customers who are experiencing financial hardship.
Copyright RTT News/dpa-AFX