July 23 (Reuters) - Loblaw Companies Ltd L.TO :
* Reports a 14.9% increase in adjusted EPS(2) and a 139.8% increase in basic
EPS for the second quarter of 2015
* Q2 sales C$10.54 billion versus I/B/E/S view C$10.61 billion
* Says food retail (Loblaw) same-store sales growth for the quarter was 4.2%
* Qtrly retail segment sales were $10.32 billion, an increase of 2.2% compared
to the second quarter of 2014
* Qtrly drug retail (shoppers drug mart) same-store sales increased by 3.8%
* Subsequent to the end of the second quarter of 2015, the company finalized a
restructuring plan
* Q2 earnings per share C$0.44
* Restructuring plan will result in closure of about 52 unprofitable retail
locations across a range of banners and formats
* Says the company expects that the closures will take place over the next 12
months
* Says restructuring to result in a favourable impact to operating income of
approximately $35 million to $40 million
* Restructuring and other related costs associated with the restructuring plan
are expected to total approximately $120 million
* Closures will decrease sales by approximately $300 million
* Says company expects approximately $70 million to be recognized in the third
quarter of 2015
* Closures will also result in a favourable impact to operating income of
approximately $35 million to $40 million.
* Q2 earnings per share view C$0.83, revenue view C$10.61 billion -- Thomson
Reuters I/B/E/S
* Says restructuring charge of $45 million was recorded in the second quarter
of 2015
* Says for 2015, maintain positive same-store sales and stable gross margin
(excluding synergies) in the retail segment
* Source text for Eikon ID:nCNWcbjVNa
* Further company coverage L.TO
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