Loblaw expects profit growth to outpace sales in 2023

Loblaw expects its profits to grow more quickly this year than sales as Canadian consumers continue to deal with rising costs. The company, which owns its namesake grocery business and Shoppers Drug Mart, reported a gross margin of 30.6 percent in the latest quarter, down from 30.9 percent a year ago and up from 29.78 in January 2020.