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Loblaw 2018 Annual Report

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Loblaw 2018 Annual Report focused 2018 ANNUAL REPORT LOBLAW COMPANIES LIMITED 2018 ANNUAL REPORT 1 Our stores. Our colleagues. Our strategy. Everything we do reinforces the passion for customers that sits at the heart of our organization. Day in and day out, through our five operating divisions, we strive to be the best in food, health and beauty. We believe that by rapidly expanding our use of data-driven insights and consistently delivering process and efficiency excellence, we will strengthen our core business while enabling ongoing investments in our future – in areas like everyday digital retail, payments and rewards, and connected healthcare. As we drive towards this vision of our future, we are grounded by a commitment to social responsibility and compliance, and driven by a shared set of values and culture that inform the decisions of our outstanding colleagues. We are focused on our purpose: Live Life Well®. Everyday Payments Connected Digital Retail and Rewards Healthcare Network We are an omni-channel retailer. We take Driven by the data from millions of weekly We continue to build upon the combination pride in operating many of the country’s customer interactions, we are able to offer of Canada’s single largest Electronic Medical top store banners while simultaneously unparalleled personalization and rewards Records (EMR) platform and Loblaw’s layering in the kinds of digital experiences to our customers. network of pharmacies and healthcare Canadians now expect. professionals to empower Canadians with their own health information. Process and Efficiency Data-driven Best in Food, Health Excellence Insights and Beauty We have an ambitious strategy, which We have a rich set of data that offers We offer a variety of grocery options to calls for investment in areas that matter unique insight into almost every aspect of meet all tastes and budgets, operate more most to our customers. Delivering on this our business. As we continue to enhance than 1,750 pharmacies across the country, strategy requires the adoption of more our analytical capabilities, we are already provide access to over 5,000 health and efficient processes and a continuous seeing the benefits of smarter promotional wellness professionals, and remain a top improvement mindset. decisions and improved assortment. beauty destination for Canadian women – all designed to meet and surpass the needs of our customers. 2 LOBLAW COMPANIES LIMITED 2018 ANNUAL REPORT LOBLAW COMPANIES LIMITED 2018 ANNUAL REPORT 3 FINANCIAL HIGHLIGHTS 1.1%Food Retail 2.4%Drug Retail + Same Store Sales1 Same Store Sales 3.5% 1.5% 4.0% + + 1.1% 3.0% % % Front of Store 2.4% 1.1 2.4 + Food Retail Drug Retail % 0.3% Same Store Sales1 Same Store Sales 1. 2 2016 2017 2018 2016 2017 2018 Pharmacy h h 0.2%Revenue3 Adjusted29.4 Retail Segment% Consolidated0.2% Consolidated7.6% Adjusted Gross Margin2 Adjusted EBITDA2, 3 EBITDA Margin2, 3 ($ millions) 46,587 46,693 46,295 7.6% 7.6% 29.4% 3,521 3,528 3,333 28.5% 7.2% 27.0% 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 h h TABLE OF CONTENTS Adjusted1.8% Diluted Net Earnings Dividend7.9% Declared 3 Financial Highlights per Common Share2, 3 per Common Share ($) ($) 4 Chairman’s Message 1.155 8 Our Divisions 4.06 3.99 1.07 1.03 3.60 10 Strategic Enablers 12 Corporate Social Responsibility 14 Corporate Governance Practices 16 Board of Directors 16 Leadership 17 Shareholder and Corporate Information 18 Forward-Looking Statements 2016 2017 2018 2016 2017 2018 1 Excluding the impact of gas bar 2 See the Non-GAAP Financial Measures section of the 2018 Annual Report – Financial Review 3 Excluding the spin out of Choice Properties business to George Weston Limited h hhh XX%Revenue1 1.1%Food Retail 2.4%Drug Retail Adjusted28.1 Retail Segment% X.X%Consolidated Consolidated7.6% Adjusted AdjustedX.X% Diluted Net Earnings DividendX.X% Declared Same Store Sales1 Same Store Sales Gross Margin2 Adjusted EBITDA2, 3 EBITDA Margin2, 3 per Common Share2, 3 per Common Share ($ millions) ($) ($) 46,587 46,693 1.5% 46,295 4.0% 7.6% 7.6% 1.16 29.4% 3,521 3,528 4.06 3,333 3.99 1.07 28.5% 1.03 7.2% 3.60 3.0% 1.1% 27.0% 2.4% 0.3% 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 4 LOBLAW COMPANIES LIMITED Galen G. Weston Executive Chairman LOBLAW COMPANIES LIMITED 2018 ANNUAL REPORT 5 CHAIRMAN’S MESSAGE This year, our strategic framework took hold as our five operating divisions delivered stable trading performance, more effective data-driven insights, greater process and efficiency management, and a passion for the customer across all levels of the organization. We are focused on maintaining our momentum and delivering even more for our customers. Dear shareholders, I am pleased to share several highlights relative to both We delivered on this target while making meaningful our financial and strategic performance in 2018. As you investments in the business. will see, we set thoughtful but ambitious objectives and On a continuing operations basis, we delivered same- we followed through with meaningful results. store sales increases of 2.4 per cent in drug retail and 1.1 per cent in food retail, with revenue of $46,693 million Focused on stable trading or +0.2 per cent. Consolidated adjusted EBITDA was In 2018, our financial plan called for essentially flat $3.53 billion, up 0.2 per cent, and adjusted diluted net adjusted net earnings growth, despite facing more than earnings per share were $4.06, or +1.8 per cent. We $440 million in expected incremental cost headwinds. continued to return capital to shareholders, raising our 6 LOBLAW COMPANIES LIMITED 2018 ANNUAL REPORT 2018 was just as strong strategically as it was dividend by 7.9% and repurchasing 16.6 million shares financially. under a common share repurchase program. We also simplified Loblaw as a pure-play retailer by spinning out Choice Properties REIT, enabling us to concentrate on our core strategy. Focused on strategic investment Looking back, 2018 was just as strong strategically as it was financially, as we rapidly accelerated growth in three areas that we know matter most to our customers: everyday digital retail, payments and rewards, and connected healthcare. Last year, we pledged to blanket Canada with everyday digital retail conveniences and that’s precisely what we accomplished. Today, 75% of Canadians are within ten minutes of one of 670 PC Express pick-up sites. Our home delivery offering grew rapidly, and 65% of Canadians now have access to Instacart through one of 233 stores. During the year, we shortened both our pick-up and delivery window, and in many regions our online orders are now fulfilled the same day they are placed. Our tendency to speak most about our digital food business often overshadows our broader digital initiatives across beauty, pharmacy and apparel. Each of these offerings have become meaningful businesses unto themselves – growing, adding categories and brands, and driving online sales. We have released these offerings at an incredible pace and on an unprecedented scale, and customers are responding: in 2018, our e-commerce sales surpassed half a billion dollars. Our payments and rewards strategy is underpinned by our PC Optimum loyalty program, which we launched just over a year ago. The program now boasts over 18 million members, and customers are using their LOBLAW COMPANIES LIMITED 2018 ANNUAL REPORT 7 We will be leaders in analytics and automation, frequent adopters of artificial intelligence, and an employer of choice for experts in these areas. PC Optimum cards on two-thirds of our retail We are also seeing remarkable traction with respect transactions. More broadly, we entered into a strategic to data-driven insights. As we improve our analytical partnership with Esso, we successfully introduced capabilities, we have a better understanding of the our PC Insiders subscription service to over millions of customer transactions we manage, allowing 25,000 Canadians, and our PC Financial® Mastercard® – us to make better promotional and pricing decisions and which JD Power ranked #1 for customer satisfaction fundamentally enhance our core business for both our in 2018 – is in the wallet of roughly two million Canadians. customer and our colleagues. This will continue to be Together, these products and services have created a an area of focus in the years ahead. loyalty loop that rewards customers personally, while We have confidence in our strategy, and our strong encouraging them to return to our stores and services financial performance puts us on solid ground as we more frequently. continue to face regulatory headwinds and growing Our connected healthcare strategy brings together competition. Looking ahead, we have a focused our thousands of health and wellness colleagues, and financial plan, a leadership team focused on execution, the services they provide, to make the customer, patient and a workforce focused on helping deliver on our and caregiver experience easier and more digital. This purpose: Live Life Well. I have all the confidence that – as includes digital prescriptions, auto-refills, and the power we did in 2018 – we will deliver on this plan in 2019 and of QHR – a leading electronic medical records (EMR) beyond. company – bringing physicians, pharmacies and patients closer. In 2018, we achieved 15% growth in our EMR subscriber base, continued to roll-out our EMR platform Accuro® to nearly 800 of our pharmacies, received our license to sell medical cannabis online, and more. Focused on efficiency and insights Galen G. Weston We are focused on process and efficiencies as a means Executive Chairman of strengthening our core business and enabling ongoing investments in new digital services, new categories of activity, new consumer offers, and new applications for data and technologies.
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