Loblaw Companies Limited

Good morning, ladies and gentlemen, and welcome to Loblaw Companies Limited second quarter 2024 results conference call. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question and answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Thursday, July 25, 2024. I would now like to turn the conference over to Mr. Roy McDonald. Please go ahead, sir.

Great, thank you very much, Lara, and good morning, everybody. Welcome to the Loblaw Company's limited second quarter 2024 results conference call. As usual, I'm joined this morning by Per Bank, our president and chief executive officer, and by Richard Dufresne, our chief financial officer. So before we begin the call, I'll remind you that today's discussion will include forward-looking statements, which may include but are not limited to statements with respect to Loblaw's anticipated future results. These statements are based on assumptions and reflect management's current expectations. As such, are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from our expectations. These risks and uncertainties are discussed in the company's materials filed with the Canadian Securities Regulator. Any forward-looking statements speak only as the date they're made, and the company disclaims any intent or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, other than what's required by law. Also, certain non-GAAP financial measures may be discussed or referred to today and So please refer to our annual report and other materials filed with the Canadian securities regulators for a reconciliation of each of these measures to the most directly comparable GAAP financial measure. And with that, I'll turn over this morning's call to pair.

Thank you, Roy. Good morning, everybody. Before we get to our quarterly performance, I would like to touch upon the settlement of class action lawsuits that we jointly announced with George Western Limited this morning. This matter concerns our involvement in an industry-wide price-fixing arrangement between 2001 and 2015 on certain packaged bread products. As a reminder, upon discovering the arrangement in 2015, we self-reported immediately to the composition bureau and have been cooperating ever since. We have apologized for this price-fixing behavior. and reinforce the rigorous action taken at the time to address the issue, including overhauling how pricing is managed and significantly enhanced our compliance programs. These measures, which remain in place today, are industry-leading and include the establishment of an independent compliance office reporting to the local board of directors that has oversight of day-to-day compliance with laws and policies, including pricing practices. The settlement is subject to the finalization of a binding settlement agreement with the plaintiff's lawyers and court approval. I'll now turn the call to Richard to discuss the portal.