June 19, 2024 (Brampton, ON) – With the recent opening of its 16th new location this year, a unique small-format No Frills, Loblaw Companies Ltd ("Loblaw", TSX:L) is on track to open 40 new stores this year and convert dozens more.

Over the past few months, the company has built and opened 9 new stores, and converted 7 others. The conversions have largely focused on expanding the company's hard-discount stores, Maxi and No Frills, as Canadians continue to look for ways to save on their grocery bills. These stores provide significant value to customers, with lower prices on average and a price match guarantee.

"As a Canadian company, our purpose is to help our colleagues and customers live life well, and when it comes to groceries, the best way we can do that is by making good food affordable," said Richard Dufresne, Chief Financial Officer, Loblaw. "We know there are a lot of underserviced areas in this country looking for discount grocers who can bring prices down for the community. These new stores, and our increased investment in the hard-discount format, is the next step in our ongoing commitment to delivering the best possible value."

The new stores are part of a larger announcement in February of this year, whereby the company committed to a capital investment of more than $2 billion dollars into the Canadian economy in 2024. This investment is expected to create more than 7,500 jobs in Canada, reinforcing Loblaw's position as a major contributor to Canada and its economy.

To learn more please visit: https://www.loblaw.ca/en/loblaw-to-invest-more-than-2-billion-in-the-canadian-economy-creating-thousands-of-jobs-and-opening-more-than-40-additional-stores/

Media Inquiries: pr@loblaw.ca(Open in a new tab)

Forward Looking Statements

This News Release contains forward-looking statements about the Company's capital expenditure plans and their impact. Forward-looking statements reflect the Company's estimates, beliefs and assumptions, which are based on management's perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances. The Company's estimates, beliefs and assumptions are inherently subject to significant business, economic, competitive and other uncertainties and contingencies regarding future events and, as such, are subject to change. The Company can give no assurance that such estimates, beliefs and assumptions will prove to be correct. Numerous risks and uncertainties could cause the Company's actual results, and the impact of the capital expenditures described in this News Release, to differ materially from those expressed, implied or projected in the forward-looking statements, including those described in the Company's MD&A in the Company's 2022 Annual Report and in the Company's 2022 Annual Information Form for the year ended December 31, 2022, both of which are available on SEDAR+ at www.sedarplus.com. 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. Except as required by law, the Company does not undertake to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

About Loblaw Companies Limited

Loblaw Companies Limited is Canada's food and pharmacy leader, as well as its largest retailer and private sector employer. With over 1 billion transactions each year in its unmatched network of 2,500 stores and national e-commerce options, Loblaw brings food, pharmacy, beauty, apparel and financial services to customers through many of Canada's favourite and most-trusted brands: President's Choice, No Name, Loblaws, Shoppers Drug Mart, No Frills, Real Canadian Superstore, T&T, Joe Fresh, PC Express and PC Financial. The Company's loyalty program, PC Optimum, has more than 16 million active members and is one of Canada's largest and best-loved reward programs.

Loblaw's purpose is to help Canadians live life well. It makes good food affordable, health, beauty and wellness accessible, saving for the future possible, and essential style achievable.