Loblaw set for U.S. growth

Article Excerpt

LOBLAW COMPANIES, $120.49, is a buy. The retailer (Toronto symbol L; Shares o/s: 319.5 million; Market cap: $38.5 billion; TSINetwork Rating: Above Average; Dividend yield: 1.5%; www.loblaw.ca), operates 1,098 supermarkets under several retail banners, including Loblaws, Zehrs, Provigo, Real Canadian Superstore and No Frills. The company’s Shoppers Drug Mart chain has 1,346 drugstores across Canada. In 2009, Loblaw bought T&T Supermarket Inc. T&T is now Canada’s largest Asian-food retailer with 33 stores in B.C., Alberta, Ontario and Quebec. T&T has continued to expanded steadily over the years since its acquisition by Loblaw—it launched an e-commerce platform in 2020, entered the Quebec market in 2022 and, most recently, opened a new location in Toronto in May 2023. Loblaw now plans to expand into the U.S. with a store in Bellevue, Washington, to open next summer. At 76,000 square feet, it will be the largest Asian supermarket in the state. Loblaw Cos. is a buy. buy…