Loblaw Sees Tough Year Ahead

Loblaw's fourth-quarter financials showed progress in its turnaround program, but company officials are bracing for a difficult year ahead. A worsening economy, along with needed investments in store renovations and technology infrastructure, would challenge results in fiscal 2009, which began Jan. 4, Loblaw officials said in a conference call last week. People have accused me of being too

TORONTO — Loblaw's fourth-quarter financials showed progress in its turnaround program, but company officials are bracing for a difficult year ahead.

A worsening economy, along with needed investments in store renovations and technology infrastructure, would “challenge results” in fiscal 2009, which began Jan. 4, Loblaw officials said in a conference call last week.

“People have accused me of being too cautious about this, but I think this will be a very tough year and

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