Loblaw Companies Limited Reports 2011 Fourth Quarter and Fiscal Year Ended December 31, 2011 Results(1)

    




 BRAMPTON, ON, Feb. 23, 2012 /CNW/ - Loblaw Companies Limited   ("Loblaw" or the "Company") today announced its unaudited financial  results for the fourth quarter of 2011 and the release of its 2011  Annual Report, which includes the Company's audited consolidated  financial statements and Management's Discussion and Analysis for the  fiscal year ended December 31, 2011. The Company's 2011 Annual Report  will be available in the Investor Centre section of the Company's  website at www.loblaw.ca and will be filed with SEDAR and available at www.sedar.com. 

 Fourth Quarter 2011 Summary((1)) 




        --  Basic net earnings per common share of $0.62, up 5.1% compared
            to the fourth quarter of 2010.
        --  EBITDA margin(2) of 6.6% compared to 6.7% in the fourth quarter
            of 2010.
        --  Revenue of $7,373 million, an increase of 3.6% over the fourth
            quarter of 2010.
        --  Retail sales growth of 3.2% and same-store sales growth of
            2.5%, positively impacted by an extra day of store operations
            compared to the fourth quarter of 2010.




 "We are pleased with our performance in the fourth quarter and the year.  The ongoing strengthening of our customer proposition delivered  improved sales at satisfactory margins, particularly in the second half  of the year," said Galen G. Weston, Executive Chairman, Loblaw  Companies Limited. "Looking ahead to 2012, we estimate incremental  costs related to investments in information technology and supply chain  to be approximately $70 million, and the continuation of investments in  our customer proposition to be approximately $40 million. We do not  expect our operations to cover these incremental costs, and as a  result, we anticipate full-year 2012 net earnings per share to be down  year-over-year, with more pressure in the first half of the year." 

 Due to the transition to International Financial Reporting Standards  ("IFRS" or "GAAP") effective January 2, 2011, all comparative figures  for 2010 that were previously reported in the consolidated financial  statements prepared in accordance with Canadian generally accepted  accounting principles ("CGAAP") have been restated to conform with  IFRS. Further information on the transition to IFRS and its impact on  the Company's financial position, financial performance and cash flows  is included in note 31 of the Company's 2011 Annual Report - Financial  Review. 

 With this transition, the Company has two reportable operating segments: 




        --  The Retail segment, which consists primarily of food and also
            includes drugstore, gas bars, apparel and other general
            merchandise; and
        --  The Financial Services segment, which includes credit card
            services, a retail loyalty program, insurance brokerage
            services, personal banking services provided by a major
            Canadian chartered bank, deposit taking services and
            telecommunication services.




 (1)     This News Release contains forward-looking information. See  Forward-Looking Statements in this News Release for a discussion of  material factors that could cause actual results to differ materially  from the conclusions, forecasts and projections herein and of the  material factors and assumptions that were used when making these  statements. This News Release should be read in conjunction with Loblaw  Companies Limited's filings with securities regulators made from time  to time, all of which can be found at sedar.com and at loblaw.ca. 

 (2)     See Non-GAAP Financial Measures in this News Release. 

 Consolidated Quarterly Results of Operations 





                                                                                           

    For the
    periods
    ended
    December
    31, 2011
    and January
    1, 2011
    (unaudited)                                                                            

    (millions
    of Canadian
    dollars
    except                                                        
    where                                                     2011           
    otherwise           2011       2010                %       (52       2010      $      %
    indicated)    (12 weeks) (12 weeks)  $ Change Change    weeks) (52 weeks) Change Change

                                                              $          $     $    
    Revenue       $    7,373 $    7,119 $     254   3.6%    31,250     30,836    414   1.3%

    Operating
    income               315        324       (9) (2.8%)     1,384      1,347     37   2.7%

    Net
    earnings             174        165         9   5.5%       769        675     94  13.9%

    Basic net
    earnings
    per common
    share ($)           0.62       0.59      0.03   5.1%      2.73       2.43   0.30  12.3%

    Operating
    margin              4.3%       4.6%                       4.4%       4.4%              

                                $       $                   $          $       $    
    EBITDA(1)    $       485        476         9   1.9%     2,083      1,975    108   5.5%

    EBITDA
    margin(1)           6.6%       6.7%                       6.7%       6.4%              

                                                                                           









        --  The $254 million increase in revenue compared to the fourth
            quarter of 2010 was driven by improvements in both Retail sales
            and Financial Services revenue, as described below.
        --  Operating income decreased by $9 million compared to the fourth
            quarter of 2010 as a result of a decrease in Retail operating
            income of $6 million and a decrease in Financial Services
            operating income of $3 million. Operating margin was 4.3% for
            the fourth quarter of 2011 compared to 4.6% in the same quarter
            in 2010.
        --  Consolidated operating income included the following notable
            items:
      o A $23 million charge (2010 - nil) related to the transition of
        certain Ontario conventional stores to more cost effective and
        efficient operating terms of collective agreements ratified in
        2010;
      o Incremental costs of $22 million related to investments in
        information technology ("IT") and supply chain. These costs
        included the following charges:
        # $43 million (2010 - $34 million) related to depreciation and
          amortization;
        # $74 million (2010 - $60 million) related to other supply chain
          and IT costs; and
        # A nil charge (2010 - $1 million) related to changes in the
          distribution network.
      o $16 million (2010 - nil) of start-up costs associated with the
        launch of the Company's Joe Fresh brand in the United States;
      o A $5 million charge (2010 - $7 million recovery) for fixed asset
        impairments net of recoveries, related to asset carrying values in
        excess of recoverable amounts for specific retail locations; and
      o A charge of $4 million (2010 - $7 million) related to the effect of
        share-based compensation net of equity forwards.
        --  The increase in net earnings of $9 million, or 5.5%, compared
            to the fourth quarter of 2010 was primarily due to a decrease
            in net interest expense and other financing charges and a
            decline in the effective income tax rate, partially offset by
            the decrease in operating income. In the fourth quarter of
            2010, the Company recognized a tax expense of $14 million
            related to changes in the federal tax legislation that resulted
            in the elimination of the Company's ability to deduct costs
            associated with cash-settled stock options.
        --  Basic net earnings per common share were impacted by the
            following
      o A $0.06 charge (2010 - nil) related to the transition of certain
        Ontario conventional stores to the operating terms under collective
        agreements ratified in 2010;
      o A $0.06 charge related to incremental investments in IT and supply
        chain;
      o A $0.04 charge (2010 - nil) related to the start-up costs
        associated with the launch of the Company's Joe Freshbrand in the
        United States;
      o A $0.01 charge (2010 - $0.02 recovery) for fixed asset impairments
        net of recoveries;
      o A $0.01 charge (2010 - $0.02) related to the effect of share-based
        compensation net of equity forwards; and
      o A nil charge (2010 - $0.05) related to the tax expense recognized
        due to changes in federal tax legislation related to share-based
        compensation.
        --  In 2011, the Company invested $1.0 billion in capital
            expenditures with approximately 50% invested in its IT and
            supply chain infrastructure and the remaining 50% invested in
            its retail operations.




 (1)     See Non-GAAP Financial Measures in this News Release. 

 The consolidated quarterly results by reportable operating segments were  as follows: 

 Retail Results of Operations 





                                                                                   

    For the
    periods
    ended
    December
    31, 2011
    and January
    1, 2011
    (unaudited)                                                                    

    (millions
    of Canadian
    dollars                                                          
    except                                                           
    where                                                        2010
    otherwise          2011       2010      $      %      2011    (52      $      %
    indicated)    (12weeks) (12 weeks) Change Change (52weeks) weeks) Change Change

                                        $                 $      $     $    
    Sales        $    7,226 $    7,001    225   3.2%    30,703 30,315    388   1.3%

    Gross
    profit            1,569      1,583   (14) (0.9%)     6,820  6,787     33   0.5%

    Operating
    income              297        303    (6) (2.0%)     1,312  1,239     73   5.9%

    Same-store
    sales
    growth
    (decline)          2.5%     (1.6%)                    0.9% (0.6%)              

    Gross
    profit
    percentage        21.7%      22.6%                   22.2%  22.4%              

    Operating
    margin             4.1%       4.3%                    4.3%   4.1%              

                                                                                   









        --  In the fourth quarter of 2011, the increase of $225 million, or
            3.2%, in Retail sales over the same period in the prior year
            was impacted by the following factors:
      o Same-store sales growth was 2.5% (2010 - 1.6% decline), with an
        extra day of store operations having a positive impact estimated to
        be between 0.8% and 1.0%;
      o Sales growth in food was strong, partially driven by the extra day
        of store operations;
      o Sales growth in drugstore was flat;
      o Gas bar sales growth was strong as a result of higher retail gas
        prices and moderate volume growth;
      o Sales in general merchandise, excluding apparel, declined
        marginally due to continued reductions in square footage and
        optimization of range and assortment of products;
      o Sales growth in apparel was strong, partially driven by increased
        apparel square footage, including five new Joe Fresh free standing
        stores; and
      o The Company experienced moderate average quarterly internal food
        price inflation during the fourth quarter of 2011, which was lower
        than the average quarterly national food price inflation of 5.2%
        (2010 - 1.5%) as measured by "The Consumer Price Index for Food
        Purchased from Stores" ("CPI"). CPI does not necessarily reflect
        the effect of inflation on the specific mix of goods sold in Loblaw
        stores.
        --  In the fourth quarter of 2011 the gross profit percentage was
            21.7%, consistent with the third quarter of 2011, but a decline
            from 22.6% in the fourth quarter of 2010. The decline was
            primarily driven by a higher level of promotional activity and
            higher input costs outpacing internal food price inflation, a
            higher proportion of lower margin gas bar sales and increased
            transportation costs, partially offset by improved shrink. The
            $14 million decrease in gross profit was mainly due to
            increases in promotional pricing programs and transportation
            costs, partially offset by improved control brand
            profitability, improved shrink and the growth and performance
            of the Company's franchise business.
        --  Operating income decreased by $6 million compared to the fourth
            quarter of 2010 and operating margin was 4.1% for the fourth
            quarter of 2011 compared to 4.3% in the same period in 2010. In
            addition to the notable items described in the "Consolidated
            Quarterly Results of Operations" above, these decreases were
            also driven by the decline in gross profit, partially offset by
            improvements in the growth and performance of the Company's
            franchisees and continued labour, supply chain and other
            operating cost efficiencies.




 Financial Services Results of Operations  





                                                                                          

    For the
    periods
    ended
    December
    31, 2011
    and January
    1, 2011
    (unaudited)                                                                           

    (millions
    of Canadian
    dollars
    except                                                      
    where                                                   2011           
    otherwise           2011       2010      $       %       (52       2010      $       %
    indicated)    (12 weeks) (12 weeks) Change  Change    weeks) (52 weeks) Change  Change

    Revenue                              $                                   $    
                    $    147   $    118     29   24.6%  $    547   $    521     26    5.0%

    Operating
    income                18         21    (3) (14.3%)        72        108   (36) (33.3%)

    Earnings
    before
    income
    taxes                  7         11    (4) (36.4%)        24         66   (42) (63.6%)

                                                                                          






  





                                                                    

    Unaudited (millions             As at           As at $ Change % Change
    of Canadian dollars December 31, 2011 January 1, 2011
    except where
    otherwise
    indicated)

    Average quarterly           $   1,974       $   1,941  $    33     1.7%
    net credit card
    receivables

    Credit card                     2,101           1,997      104     5.2%
    receivables

    Credit card                        37              34        3     8.8%
    receivables
    provision

    Annualized yield on             12.5%           13.2%                  
    average quarterly
    gross credit card
    receivables

    Annualized credit                4.2%            5.6%                  
    loss rate on
    average quarterly
    gross credit card
    receivables

                                                                           









        --  The 24.6% increase in revenue over the fourth quarter of 2010
            was driven by increased credit card transaction values
            resulting in higher interchange fee income and higher PC
            Telecom revenues as a result of the launch of the new Mobile
            Shop kiosks in the fourth quarter.
        --  The decreases of $3 million in operating income and $4 million
            in earnings before income taxes compared to the fourth quarter
            of 2010 were attributable to investments in the launch of PC
            Telecom's Mobile Shop kiosks and an increased credit card loss
            provision as a result of quarterly growth in the receivables
            program, partially offset by the increase in interchange fee
            income.




 Outlook((1)) 




        --  For fiscal 2012, the Company expects:
      o Capital expenditures to be approximately $1.1 billion, with
        approximately 40% to be dedicated to investing in the IT
        infrastructure and supply chain projects and the remaining 60% to
        be spent on retail operations;
      o Costs associated with the transition of certain Ontario
        conventional stores under collective agreements ratified in 2010 to
        range from $30 million to $40 million;
      o Incremental costs related to investments in IT and supply chain to
        be approximately $70 million;
      o Incremental investments in its customer proposition to be
        approximately $40 million; and
      o Full-year 2012 net earnings per share to be down year-over-year,
        with more pressure in the first half of the year, as a result of
        the Company's expectation that operations will not cover the
        incremental costs related to the investments in IT and supply chain
        and its customer proposition.








    (1) See Forward-Looking Statements in this News Release.






  

 Forward-Looking Statements 

 This News Release for Loblaw Companies Limited contains forward-looking  statements about the Company's objectives, plans, goals, aspirations,  strategies, financial condition, results of operations, cash flows,  performance, prospects and opportunities. These forward-looking  statements are typically identified by words such as "anticipate",  "expect", "believe", "foresee", "could", "estimate", "goal", "intend",  "plan", "seek", "strive", "will", "may" and "should" and similar  expressions, as they relate to the Company and its management. In this  News Release, forward looking statements include the Company's  expectation that: 




        --  its capital expenditures in 2012 will be approximately $1.1
            billion;
        --  costs associated with the transition of certain Ontario
            conventional stores under collective agreements ratified in
            2010 will range from $30 million to $40 million;
        --  incremental costs related to investments in IT and supply chain
            in 2012 will be approximately $70 million;
        --  incremental costs associated with strengthening its customer
            proposition will be approximately $40 million; and
        --  full-year 2012 net earnings per share to be down
            year-over-year, with more pressure in the first half of the
            year, as a result of the Company's expectation that operations
            will not cover the incremental costs related to the investments
            in IT and supply chain and its customer proposition.




 These forward-looking statements are not historical facts but reflect  the Company's current expectations concerning future results and  events. They also reflect management's current assumptions regarding  the risks and uncertainties referred to below and their respective  impact on the Company. In addition, the Company's expectation with  regard to its net earnings in 2012 is based in part on the assumptions  that tax rates will be similar to those in 2011, the Company achieves  its plan to increase net retail square footage by 1% and there are no  unexpected adverse events or costs related to the Company's investments  in IT and supply chain. 

 These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ  materially from current expectations, including, but not limited to: 




        --  failure to realize revenue growth, anticipated cost savings or
            operating efficiencies from the Company's major initiatives,
            including investments in the Company's IT systems, including
            the Company's IT systems implementation, or unanticipated
            results from these initiatives;
        --  the inability of the Company's IT infrastructure to support the
            requirements of the Company's business;
        --  heightened competition, whether from current competitors or new
            entrants to the market place;
        --  changes in economic conditions including the rate of inflation
            or deflation, changes in interest and currency exchange rates
            and derivative and commodity prices;
        --  public health events including those related to food safety;
        --  failure to achieve desired results in labour negotiations,
            including the terms of future collective bargaining agreements,
            which could lead to work stoppages;
        --  the inability of the Company to manage inventory to minimize
            the impact of obsolete or excess inventory and to control
            shrink;
        --  failure by the Company to maintain appropriate records to
            support its compliance with accounting, tax or legal rules,
            regulations and policies;
        --  failure of the Company's franchise stores to perform as
            expected;
        --  reliance on the performance and retention of third-party
            service providers including those associated with the Company's
            supply chain and apparel business;
        --  supply and quality control issues with vendors;
        --  changes to or failure to comply with laws and regulations
            affecting the Company and its business, including changes to
            the regulation of generic prescription drug prices and the
            reduction of reimbursement under public drug benefit plans and
            the elimination or reduction of professional allowances paid by
            drug manufacturers;
        --  changes in the Company's income, commodity, other tax and
            regulatory liabilities including changes in tax laws,
            regulations or future assessments;
        --  any requirement of the Company to make contributions to its
            registered funded defined benefit pension plans or the
            multi-employer pension plans in which it participates in excess
            of those currently contemplated;
        --  the risk that the Company would experience a financial loss if
            its counterparties fail to meet their obligations in accordance
            with the terms and conditions of their contracts with the
            Company; and
        --  the inability of the Company to collect on its credit card
            receivables.




 This is not an exhaustive list of the factors that may affect the  Company's forward-looking statements. Other risks and uncertainties not  presently known to the Company or that the Company presently believes  are not material could also cause actual results or events to differ  materially from those expressed in its forward-looking statements.  Additional risks and uncertainties are discussed in the Company's  materials filed with the Canadian securities regulatory authorities  from time to time, including the Enterprise Risks and Risk Management  section of the Management's Discussion and Analysis ("MD&A") and the  MD&A included in the Company's 2011 Annual Report - Financial Review.  Readers are cautioned not to place undue reliance on these  forward-looking statements, which reflect the Company's expectations  only as of the date of this News Release. The Company disclaims any  intention or obligation to update or revise these forward-looking  statements, whether as a result of new information, future events or  otherwise, except as required by law. 

 Consolidated Statements of Earnings 





                                                                   

                                    2011        2010       2011       2010

    For the periods ended
    December 31, 2011 and
    January 1, 2011
    (millions of Canadian
    dollars except where      (12 Weeks)  (12 Weeks) (52 Weeks) (52 Weeks)
    otherwise indicated)     (unaudited) (unaudited)  (audited)  (audited)

    Revenue                  $     7,373 $     7,119 $   31,250 $   30,836

    Cost of Merchandise            5,664       5,420     23,894     23,534
    Inventories Sold

    Selling, General and           1,394       1,375      5,972      5,955
    Administrative Expenses

    Operating Income                 315         324      1,384      1,347

    Net interest expense and          81          83        327        353
    other financing charges

    Earnings Before Income           234         241      1,057        994
    Taxes

    Income taxes                      60          76        288        319

    Net Earnings             $       174 $       165 $      769 $      675

    Net Earnings per Common                                               
    Share ($)

    Basic                    $      0.62 $      0.59 $     2.73 $     2.43

    Diluted                  $      0.60 $      0.58 $     2.71 $     2.38

                                                                          






 Consolidated Balance Sheets 





                                                               

                                      As at           As at           As at

    (millions of Canadian December 31, 2011 January 1, 2011 January 3, 2010
    dollars) (audited)

    Assets                                                                 

    Current Assets                                                         

         Cash and cash    $             966 $           857 $           731
    equivalents

         Short term                     754             754             663
    investments

         Accounts                       467             366             367
    receivable

         Credit card                  2,101           1,997           2,095
    receivables

         Inventories                  2,025           1,956           1,982

         Income taxes                     -               8               -
    recoverable

         Prepaid expenses               117              83             101
    and other assets

         Assets held for                 32              71              56
    sale

    Total Current Assets              6,462           6,092           5,995

    Fixed Assets                      8,725           8,377           7,815

    Investment Properties                82              74              75

    Goodwill & Intangible             1,029           1,026           1,023
    Assets

    Deferred Income Taxes               232             227             258

    Security Deposits                   266             354             250

    Franchise Loans                     331             314             344
    Receivable

    Other Assets                        301             377             330

    Total Assets          $          17,428 $        16,841 $        16,090

    Liabilities                                                            

    Current Liabilities                                                    

         Bank             $               - $            10 $            10
    Indebtedness

         Trade payables               3,677           3,522           3,372
    and other liabilities

         Provisions                      35              62              62

         Income taxes                    14               -              42
    payable

         Short term debt                905             535           1,225

         Long term debt                  87             902             312
    due within one year

    Total Current                     4,718           5,031           5,023
    Liabilities

    Provisions                           50              43              44

    Long Term Debt                    5,493           5,198           5,041

    Deferred Income Taxes                21              35              27

    Capital Securities                  222             221             220

    Other Liabilities                   917             710             655

    Total Liabilities                11,421          11,238          11,010

    Shareholders' Equity                                                   

    Common Share Capital              1,540           1,475           1,308

    Retained Earnings                 4,414           4,122           3,771

    Contributed Surplus                  48               1               -

    Accumulated Other                     5               5               1
    Comprehensive Income

    Total Shareholders'               6,007           5,603           5,080
    Equity

    Total Liabilities and $          17,428 $        16,841 $        16,090
    Shareholders' Equity

                                                                           






 Consolidated Statements of Cash Flow 





                                                            

                             2011        2010       2011        2010

    For the years
    ended December
    31, 2011 and       (12 weeks)  (12 weeks) (52 weeks) (52 weeks)
    January 1, 2011   (unaudited) (unaudited)  (audited)   (audited)
    (millions of
    Canadian dollars)

    Operating                                                       
    Activities

     Net earnings     $       174 $       165 $      769 $       675

     Income taxes              60          76        288         319

     Net interest              81          83        327         353
    expense and other
    financing charges

     Depreciation and         170         152        699         628
    amortization

     Income taxes            (54)        (81)      (216)       (298)
    paid

     Interest                  18          12         60          52
    received

     Settlement of            (7)     −        (7)     −
    equity forward
    contracts

    Net (increase)
    decrease in             (190)       (142)      (104)          98
    credit card
    receivables

    Change in                 348         324          8         151
    non-cash working
    capital

     Fixed assets and         (4)        (10)          5          27
    other related
    impairments

     (Gain)/loss on           (7)        (10)       (18)           8
    disposal of
    assets

     Other                     31          14          3          16

    Cash Flows from           620         583      1,814       2,029
    Operating
    Activities

    Investing                                                       
    Activities

     Fixed asset            (347)       (437)      (987)     (1,190)
    purchases

     Change in short           51          50         18       (129)
    term investments

     Proceeds from              6          53         57          90
    fixed asset sales

     Change in               (27)         (8)       (24)        (25)
    franchise
    investments and
    other receivables

     Change in               (85)         (6)         92       (115)
    security deposits

     Other                   (12)           9       (12)        (12)

    Cash Flows used         (414)       (339)      (856)     (1,381)
    in Investing
    Activities

    Financing                                                       
    Activities

     Change in bank       −          10       (10)     −
    indebtedness

     Change in short      −       (600)        370       (690)
    term debt

     Long term debt                                                 

      Issued                    4         609        287         981

      Retired                (53)         (7)      (909)       (322)

     Interest paid          (103)       (112)      (380)       (418)

     Dividends paid          (59)        (15)      (193)        (65)

     Common shares                                                  

      Issues                    2     −         21     −

      Purchased for          (17)     −       (39)     −
    cancellation

    Cash Flows used         (226)       (115)      (853)       (514)
    in Financing
    Activities

    Effect of foreign         (1)         (4)          4         (8)
    currency exchange
    rate changes on
    cash and cash
    equivalents

    Change in Cash           (21)         125        109         126
    and Cash
    Equivalents

    Cash and Cash             987         732        857         731
    Equivalents,
    Beginning of Year

    Cash and Cash     $       966 $       857 $      966 $       857
    Equivalents, End
    of Year

                                                                    






 Non-GAAP Financial Measures 

 The Company uses the following non-GAAP financial measures: EBITDA and  EBITDA margin. The Company believes these non-GAAP financial measures  provide useful information to both management and investors in  measuring the financial performance and financial condition of the  Company for the reasons outlined below. These measures do not have a  standardized meaning prescribed by GAAP and therefore they may not be  comparable to similarly titled measures presented by other publicly  traded companies, and they should not be construed as an alternative to  other financial measures determined in accordance with GAAP. 

 EBITDA and EBITDA Margin The following table reconciles earnings before income taxes, interest  expense and depreciation and amortization ("EBITDA") to operating  income which is reconciled to GAAP net earnings measures reported in  the consolidated statements of earnings for the years ended December  31, 2011 and January 1, 2011. EBITDA is useful to management in  assessing performance of its ongoing operations and its ability to  generate cash flows to fund its cash requirements, including the  Company's capital investment program. 

 EBITDA margin is calculated as EBITDA divided by sales. 





                                                            

                             2011        2010         2011          2010

    (millions of       (12 weeks)  (12 weeks)   (52 weeks)    (52 weeks)
    Canadian dollars) (unaudited) (unaudited)  (unaudited)   (unaudited)

    Net earnings      $       174 $       165 $        769 $         675

    Add impact of the                                                   
    following:

     Income taxes              60          76          288           319

     Net interest              81          83          327           353
    expense and other
    financing charges

    Operating income          315         324        1,384         1,347

    Add impact of the                                                   
    following:

         Depreciation         170         152          699           628
    and amortization

    EBITDA            $       485 $       476  $     2,083   $     1,975

                                                                        






 2011 Annual Consolidated Financial Statements and MD&A  

 The Company's 2011 Annual Report will be available in the Investor  Centre section of the Company's website at www.loblaw.ca or at www.sedar.com. 

 Investor Relations  

 Shareholders, security analysts and investment professionals should  direct their requests to Kim Lee, Vice President, Investor Relations at  the Company's National Head Office or by e-mail at [e-mail]. 

 Additional information has been filed electronically with various  securities regulators in Canada through the System for Electronic  Document Analysis and Retrieval (SEDAR) and with the Office of the  Superintendent of Financial Institutions (OSFI) as the primary  regulator for the Company's subsidiary, President's Choice Bank. 

 Conference Call and Webcast 

 Loblaw Companies Limited will host a conference call as well as an audio  webcast on February 23, 2012 at 11:00 a.m. (EST). 

 To access via tele-conference please dial [phone]. The playback  will be made available two hours after the event at [phone],  access code: 42503608. To access via webcast please visit www.loblaw.ca, go to Investor Centre and click on webcast. Pre-registration will be  available. 

 Full details are available on the Loblaw Companies Limited website at www.loblaw.ca. 

   

   

   

   

   

   

   

Loblaw Companies Limited


CONTACT:  Kim Lee, Vice President, Investor Relations at the Company'sNationalHead Office or by e-mail at [e-mail] 


    

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