加拿大Loblaws公司市场前景及投资研究报告-培训课件外文版2024.6

COMPANIES

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PRODUCTSLoblawsCHAPTER

01OverviewLeadinggroceryretailersinCanadain2022,bymarketshareCanada:leadingfoodretailers2022,bymarketshareOthers20.7%Loblaws29%Walmart7.0%Metro/JeanCoutu10.8%Sobeys/Safeway21%Costco11%3Description:In2022,Loblawsheldthetopspotwithanestimated29percentshareofthegroceryretailindustryinCanada.Walmart,whichisanAmericanmultinationalretailcompany,ownedroughlyeightpercentoftheCanadianmarket.ReadmoreNote(s):Canada;2022Source(s):DalhousieUniversity;GovernmentofCanadaMonthlyretailsalesofgroceryandconvenienceretailersinCanadafromJanuary2017toNovember2023(inbillionCanadiandollars)MonthlyretailsalesofgroceryandconvenienceretailersinCanada2017-2023201720182019202020212022202310.510.09.59.08.58.07.57.0JanFebMarAprMayJunJulAugSepOctNovDec4Description:MonthlysalesofgroceryandconvenienceretailersinCanadahitahighof10.33billionCanadiandollarsinMarch2020,anincreaseofovertwobillioncomparedtothepreviousmonth.ThespreadofcoronavirusinearlyMarch2020andconsequentpanicbuyingcanexplainthisjumpinsales.ByNovember2023,grocerystoresalesamountedtoaround9.4billionCanadiandollars.ReadmoreNote(s):Canada;January2017toNovember2023;*Seasonallyadjusted.Figureshavebeenrounded.AdaptedfromStatisticsCanada,statcan.gc.ca,January2017toNovember2023.ThisdoesnotconstituteanendorsementbyStatisticsCanadaof[...]

ReadmoreSource(s):StatCanMonthlyretailsalesofsupermarketsandothergrocerystoresinCanadafrom2017toDecember2023(inbillionCanadiandollars)Monthlyretailsalesofsupermarkets&othergrocerystoresinCanada2017-2023201720182019202020212022202310.09.59.08.58.07.57.06.5JanFebMarAprMayJunJulAugSepOctNovDec5Description:Monthlysalesofsupermarketsandothergrocery(exceptconvenience)storesinCanadahitahighof9.64billionCanadiandollarsinMarch2020,anincreaseofovertwobillioncomparedtothepreviousmonth.ThespreadofcoronavirusinearlyMarch2020andconsequentpanicbuyingcanexplainthisjumpinsales.ByDecember2023,grocerystoresalesamountedtoapproximatelyninebillionCanadiandollars.ReadmoreNote(s):Canada;January2017toDecember2023;*Seasonallyadjusted.Excludesconveniencestores.Figureshavebeenrounded.AdaptedfromStatisticsCanada,statcan.gc.ca,January2017toDecember2023.Thisdoesnotconstitutean[...]

ReadmoreSource(s):StatCanNumberofgroceryandconvenienceretailersinCanadaasofDecember2023,byregionNumberofgroceryretailersinCanadabyregion2023Numberofstores2,00001,0003,0004,0005,0006,000OntarioQuebec5,6274,325BritishColumbiaAlberta1,7311,633Manitoba574573SaskatchewanNovaScotia457434304NewfoundlandandLabradorNewBrunswickPrinceEdwardIslandNorthwestTerritoriesNunavut70474616Yukon6Description:AsofDecember2023,OntariohadthemostgroceryandconvenienceretailersamongallprovincesinCanada-therewere5,627groceryretailerslocatedinCanada’smostpopulousprovince.QuebecandBritishColumbiarankedinsecondandthirdplaces,withatotalof4,325and1,731retailersrespectively.Yukonhadjust16groceryretailersatthattime.ReadmoreNote(s):Canada;December2023Source(s):StatCanNumberofsupermarketsandothergroceryretailersinCanadaasofDecember2023,byregion*Numberofsupermarkets&othergroceryretailersinCanadabyregion2023Numberofstores1,00005001,5002,0002,5003,000OntarioQuebec2,6752,204BritishColumbiaAlberta1,128861SaskatchewanManitoba386371NovaScotia215181153NewfoundlandandLabradorNewBrunswickNunavut423737PrinceEdwardIslandNorthwestTerritoriesYukon147Description:AsofDecember2023,Ontariohadthemostsupermarketsandothergroceryretailers(exceptconvenienceretailers)amongallprovincesinCanada-therewere2,675storeslocatedinCanada’smostpopulousprovince.QuebecandBritishColumbiarankedinsecondandthirdplaces,withatotalof2,204and1,128storesrespectively.Yukonhadjust14supermarketsandothergroceryretailersatthattime.

ReadmoreNote(s):Canada;December2023;*Excludingconvenienceretailers.Figuresrefertoactivebusinesseswithemployees.AdaptedfromStatisticsCanada,statcan.gc.ca,December2023.ThisdoesnotconstituteanendorsementbyStatisticsCanadaof[...]

ReadmoreSource(s):StatCanCHAPTER

02FinancialsRevenueofLoblawCompaniesLimitedinCanadafrom2012to2023(inbillionCanadiandollars)RevenueofLoblawCompaniesLimitedCanada2012-202370605059.5356.553.1752.7148.0446.346.5946.6945.3942.6140302010032.3731.62012201320142015201620172018201920202021202220239Description:ThefoodretailcompanyLoblawCompaniesLimitedgeneratedapproximately59.5billionCanadiandollarsinrevenuein2023.ReadmoreNote(s):Canada;2012to2023Source(s):LoblawRetailsalesrevenueofLoblawCompaniesLimitedinCanadafrom2013to2023(inbillionCanadiandollars)RetailsalesofLoblawCompaniesLimitedCanada2013-202370605058.3555.4952.2751.8647.145.8745.8445.3844.4741.7340302010031.62013201420152016201720182019202020212022202310Description:RetailsalesofthefoodretailcompanyLoblawCompaniesLimitedinCanadaamountedtoapproximately58.4billionCanadiandollarsin2023.Thiswasaslightincreasefromthesalesof2022whichreachedaround55.5billiondollars.

ReadmoreNote(s):Canada;2013to2023Source(s):LoblawNetearningsofLoblawCompaniesLimitedinCanadafrom2012to2023(inmillionCanadiandollars)NetearningsofLoblawCompaniesLimitedCanada2012-20232,5002,0001,5001,0002,1871,9941,9761,5411,1921,13199080063462758950005320122013201420152016201720182019202020212022202311Description:ThenetearningsofLoblawCompaniesLimitedreachedapproximately2.19billionCanadiandollarsinthefinancialyearendingDecember30,2023.Otherwiseknownasnetprofitornetincome,netearningsaretheamountofrevenueleftoncealloperatingexpenses,interest,taxesandpreferredstockdividendshavebeendeducted.Loblaw’srevenuereachedaround59.5billionCanadiandollarsinthesamefinancialyear.

ReadmoreNote(s):Canada;2012to2023Source(s):LoblawOperatingincomeofLoblawCompaniesLimitedinCanadafrom2012to2023(inbillionCanadiandollars)OperatingincomeofLoblawCompaniesLimitedCanada2012-20234.03.53.03.73.342.942.372.52.272.092.051.922.01.61.51.00.50.01.321.20.6620122013201420152016201720182019202020212022202312/statistics/436633/operating-income-of-loblaw-canadaTheoperatingincomeofthefoodretailcompanyLoblawCompaniesLimitedinCanadaamountedtoapproximately3.7billionCanadiandollarsin2023.Thiswasaslightincreasefromtheoperatingincomeof2022whichreachedaround3.3billiondollars.ReadmoreNote(s):Canada;2012to2023Source(s):LoblawTotalassetsofLoblawCompaniesLimitedinCanadafrom2012to2023(inbillionCanadiandollars)TotalassetsofLoblawCompaniesLimitedCanada2012-2023454038.9838.1536.6136.3135.8735.1534.1834.3634.44353025201510530.1520.7417.96020122013201420152016201720182019202020212022202313Description:In2023,thefoodretailcompanyLoblawCompaniesLimitedinCanadahadtotalassetsamountingtoapproximately39billionCanadiandollars.Inthepreviousyear,totalsassetreachedaround38.2billiondollars.

ReadmoreNote(s):Canada;2012to2023Source(s):LoblawSelling,generalandadministrativeexpensesofLoblawCompaniesLimitedinCanadafrom2013to2023(inbillionCanadiandollars)Selling,generalandadministrativeexpensesofLoblawCompaniesinCanada2013-2023181615.3314.6313.813.62141210812.4912.2711.6311.0810.959.896.3564202013201420152016201720182019202020212022202314/statistics/436662/selling-general-and-administrative-expenses-of-loblaw-canadaIn2023,theselling,generalandadministrativeexpensesofLoblawCompaniesLimitedinCanadaamountedtoapproximately15.3billionCanadiandollars.Thiswasaslightincreasefromtheprioryear'stotalwhichamountedtoaround14.6billiondollars.ReadmoreNote(s):Canada;2013to2023Source(s):LoblawCHAPTER

03SegmentsAnnualfoodretailsalesforLoblawsinCanadafrom2014to2023(inbillionCanadiandollars)AnnualfoodretailsalesforLoblawsCanada2014-2023454041.1939.437.637.4833.76353025201510533.2932.9732.6832.6731.180201420152016201720182019202020212022202316Description:In2023,theannualfoodretailsalesofLoblawCompaniesLimitedinCanadaamountedtoabout41.2billionCanadiandollars.Thismarkedaslightincreasefromapproximately39.4billionCanadiandollarsinthepreviousyear.

ReadmoreNote(s):Canada;2014to2023;fiscalyearendsontheSaturdayclosesttoDecember31ofeachyear.Source(s):LoblawAnnualchangeinfoodretailsamestoreretailsalesofLoblawsinCanadafrom2012to2023ChangeinfoodretailsamestoreretailsalesforLoblawsCanada2012-202310%9%8%7%6%5%4%3%8.6%4.7%3.9%2%1.9%20152%1%1.1%20131.1%20161.1%20181.1%20190.6%20170.3%20210%-0.2%2012-1%201420202022202317Description:In2023,samestoresalesinLoblawCompaniesLimitedstoresinCanadaroseby3.9percentcomparedtothepreviousyear.In2020,thechangeinfoodretailsamestoresaleswasthegreatestpercentageincreaseoverthereportedperiod,withagrowthof8.6percentcomparedtothepreviousyear.ReadmoreNote(s):Canada;2012to2023;fiscalyearendsontheSaturdayclosesttoDecember31ofeachyear.Source(s):LoblawAnnualdrugretailsalesforShoppersDrugMartinCanadafrom2014to2023(inbillionCanadiandollars)AnnualdrugretailsalesforShoppersDrugMartCanada2014-20232018161417.1616.0914.7914.2613.3412.8712.5812.2111.8121089.056420201420152016201720182019202020212022202318Description:In2023,theannualdrugretailsalesofShoppersDrugMartinCanadaamountedtoapproximately17.2billionCanadiandollars.Thismarkedaslightincreasefromthesalesofthepreviousyearwhichtotaledaround16.1billiondollars.

ReadmoreNote(s):Canada;2014to2023;fiscalyearendsontheSaturdayclosesttoDecember31ofeachyear.Source(s):LoblawAnnualdrugretailsalesforShoppersDrugMartinCanadafrom2014to2023,bytype(inbillionCanadiandollars)AnnualdrugretailsalesforShoppersDrugMartCanadabytype2014-2023PharmacyFrontstore1098765432108.648.528.157.947.517.567.227.046.846.766.626.486.316.256.035.965.735.554.84.25201420152016201720182019202020212022202319Description:In2023,drugretailpharmacysalesamountedtoapproximately8.6billionCanadiandollars,whilefrontstoresalesamountedtoapproximately8.5billionCanadiandollars.Inthepreviousyear,drugretailpharmacyandfrontstoresalestotaledaround7.9and8.2billiondollars,respectively.ReadmoreNote(s):Canada;2014to2023;fiscalyearendsontheSaturdayclosesttoDecember31ofeachyear.Source(s):LoblawAnnualchangeinShoppersDrugMartsamestoresalesinCanadafrom2012to2023,bytypeChangeinsamestoresalesforShoppersDrugMartCanadabytype2012-2023FrontstorePharmacy9%8%7%6%5%4%3%2%1%0%8.4%8.2%6.8%5.7%5.3%5%4.7%4.5%4.4%4.2%3.7%3.5%3.1%3.1%2.9%

2.9%2.9%2.7%2.5%2.4%2.1%1.3%1.2%1.2%20122013201420152016201720182019202020212022202320Description:In2023,ShoppersDrugMartfrontstoresamestoresalesgrewby4.2percentcomparedtothepreviousyear,whilepharmacysalesgrewby6.8percentcomparedtotheprecedingyear,thesecond-highestincreaseinthereportedperiod.

ReadmoreNote(s):Canada;2012to2023Source(s):LoblawNumberofLoblawCompaniesLimitedstoresinCanadafrom2014to2023NumberofLoblawCompaniesLimitedstoresinCanada2014-20233,0002,4442,4292,4312,4392,4412,4442,4552,4242,4272,4222,5002,0001,5001,0005000201420152016201720182019202020212022202321Description:TheCanadianfoodretailerLoblawCompaniesLimited,operatedatotalof2,455storesinCanadaasofDecember30,2023.Inthepreviousyear,Loblaw'sstorecountwas2,444,11lessthanin2023.

ReadmoreNote(s):Canada;2014to2023Source(s):LoblawCHAPTER

04CompetitorsIncomeofSobeysinCanadafrom2013to2023(inmillionCanadiandollars)IncomeofSobeysinCanada2013-20231,000673.9677.9610.1528.15000343.5334.2316.5121.8112.7116.5-500-1,000-1,500-2,000-2,500-2,193.32016201320142015201720182019202020212022202323Description:Forthe52weeksendedMay6,2023,supermarketchainSobeyshadanetincomeamountingtoapproximately610millionCanadiandollars.Inthepreviousyear,thecompanyhadanetincometotalingabout678milliondollars.

ReadmoreNote(s):Canada;2013to2023;fiscalyearendedMay6,2023Source(s):EmpireCompanyNumberofSobeysstoresinCanadaasof2024,bybrandNumberofSobeysstoresinCanadabybrand2024Numberofstores050100150200194250300SobeysFoodland255217IGASafeway171IGAExtra133FreshCo101NeedsConvenienceLawtonsDrugsLesMarchésTraditionMarchéBonichoixThriftyFoodsRachelle-Béry89777560261524Description:SobeysInc.,theCanadianfoodretailer,operatedoverathousandstoresundervariousbannersinCanadaasofJanuary2024.Theself-titledSobeysretailstoresweremostwidespread,with255locationsinthatyear.FoodlandandIGArankedinsecondandthirdplaces,with217and194storesnationwiderespectively.ReadmoreNote(s):Canada;January2024Source(s):SobeysIncomeofMetro,Inc.inCanadafrom2010to2023(inmillionCanadiandollars)Canada:netincomeofMetro,Inc.2010-20231,2001,0008001,006.6922.1854.2829.1731.6586.2579.2600548.2523.6460.6460.7460.9398.82011385.12010400200020122013201420152016201720182019202020212022202325Description:ThenetincomeoftheCanadianbasedcompanyMetro,Inc.amountedtoapproximatelyonebillionCanadiandollarsin2023,anincreasefromaround922.1millionofthepreviousyear.

ReadmoreNote(s):Canada;2010to2023;figuresareadjustedfromcontinuingoperationsSource(s):MetroNumberofMetro,Inc.propertiesinCanadain2023,byregionNumberofMetro,Inc.propertiesinCanadabyregion20231,4001,2291,2001,000800600366400200028QuébecOntarioNewBrunswick26Description:ThenumberofMetro,Inc.properties,includingdrugstores,inCanadain2023was1,623,dividedintothreeprovinces.Thatyear,theCanadianbasedgroceryretailerMetro,Inc.operated1,229propertiesinQuébec,366propertiesinOntario,and28propertiesinNewBrunswick.ReadmoreNote(s):Canada;2023Source(s):MetroRevenueofCostcoinCanadafrom2015to2023(inmillionU.S.dollars)Canada:revenueofCostcostores2015-202335,00033,05631,67530,00025,00020,00015,00010,0005,000027,29822,43421,36620,68918,77517,34117,02820152016201720182019202020212022202327/statistics/949640/costco-annual-sales-canadaTherevenueofCostco,theAmericanretaileroperatingwarehouseclubstores,hasgraduallyrisenyear-on-yearinCanadareachingapproximately33.1billionU.S.dollarsin2023'sfiscalyear.Thisisanincreaseofover15billiondollarssince2015.

ReadmoreNote(s):Canada;2015to2023Source(s):CostcoNumberofCostcowarehousesinCanadain2023,byprovinceCanada:numberofCostcowarehouses2023,byprovinceNumberofwarehouses051015202530354045OntarioQuebec4023Alberta19BritishColumbiaManitoba14333NewBrunswickSaskatchewanNovaScotia2NewfoundlandandLabrador128Description:CostcoisheadquarteredintheU.S.andisalargeretaileroperatingwarehouseclubstoresaroundtheworld.Canada’smostpopulousprovinceofOntariowashometo40CostcowarehousesinCanadaasofDecember2023,whilsttherewasjustonewarehouseinNewfoundlandandLabrador.ReadmoreNote(s):Canada;2023Source(s):CostcoWalmartInternational'snetsalesfromfiscalyear2019to2024,bycountry(inmillionU.S.dollars)WalmartInternational:netsalesFY2019-FY2024,bycountryMexicoandCentralAmericaUnitedKingdomCanadaChinaOther140,000120,000100,00080,00060,00040,00020,000028,06329,17228,44625,26523,47614,71122,30011,43019,99125,55913,85210,70218,61310,67118,42017,01122,63921,7733,81129,24329,23430,54749,726202440,496202335,964202231,790201933,350202032,642202129Description:Infiscalyear2024,WalmartInternationalregisteredsalesofapproximately49.7billionU.S.dollarsinMexicoandCentralAmerica.Meanwhile,netsalesinChinaamountedtoaround17billion,upfromabout13.9billioninthepreviousyear.WalmartInternationalhadtotalnetsalesofapproximately115billionU.S.dollarsthatyear.ReadmoreNote(s):Worldwide;2019to2024Source(s):WalmartNumberofWalmartretailstoresinCanadafrom2012to2024Walmart:numberofstoresinCanada2012-2024450410410411408408408400402403394389400350300250200150100503793330201220132014201520162017201820192020202120222023202430Description:InfiscalyearendedJanuary31,2024,therewere403WalmartretailstoresinCanada,anincreasecomparedtoayearearlier.

ReadmoreNote(s):Canada;2012to2024;*UnitcountsasofJanuary31,2024.Datapriorto2024wereretrievedfromearlierpublicationsofthesource.

ReadmoreSource(s):WalmartCHAPTER

05GroceryconsumerbehaviorGroceryshoppingbystoretypeinCanadaasofDecember2023GroceryshoppingbystoretypeinCanada2023Shareofrespondents0%10%20%30%40%50%60%70%80%90%100%SupermarketBakeryordeli82%23%20%DiscountstoreDelicounterinsupermarketsDrugstore18%18%18%Farmer’smarketConveniencestore/kioskSpecialiststore(e.g.,butchershop)Onlinestore/onlineretailHypermarket16%15%14%11%10%OrganicfoodstoreMealkitproviders5%5%IdonotbuyfoodorproductsforeverydayuseOther1%32Description:"Supermarket"and"Bakeryordeli"arethetoptwoanswersamongCanadianconsumersinoursurveyonthesubjectof"Groceryshoppingbystoretype".ReadmoreNote(s):Canada;JanuarytoDecember2023;2025respondents;18-64yearsSource(s):ConsumerInsightsAnnualfoodexpenditureinCanadain2023,byageandgender(inCanadiandollars)AnnualfoodexpenditureinCanadabyageandgender2023ChildBoy/ManGirl/Woman5,0004,5004,0003,5004,456.164,193.833,651.623,991.433,581.253,876.993,506.543,7983,703.073,726.363,354.053,566.562,954.432,949.952,825.323,0002,5002,0001,5001,0005002,261.1306-11Months1-3Years4-8Years9-13Years14-18Years19-30Years31-50years51-70Years70+Years33Description:In2023,Canadianmaleconsumersagedbetween14and18hadthehighestannualfoodexpenditureamongallcategories,averagingabout4,456Canadiandollars.Amongtheadultpopulation,consumersovertheageof70appearedtospendlessthantheiryoungercounterparts.ReadmoreNote(s):Canada;October2022toOctober2023Source(s):DalhousieUniversity;FoodInstituteoftheUniversityofGuelphAnnualconsumerpriceindex(CPI)offoodpurchasedfromstoresinCanadafrom2003to2023ConsumerpriceindexoffoodpurchasedfromstoresinCanada2003-2023190180170160150140182.8169.5154.4151.1147.6142.6142.3141.2141.2135.6132.3130.9127.913012011010090122.7121.5115.2110.9108105.6103.2101.42003

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202334Description:ThisstatisticshowstheannualconsumerpriceindexoffoodpurchasedfromstoresinCanadafrom2003