Loblaw Companies Ltd. says it's facing fresh price hikes from suppliers, signalling food inflation won't be easing any time soon, but Canada's biggest grocer is still expecting its profits to rise this year.
Loblaw Companies Ltd. says it's facing fresh price hikes from suppliers, signalling food inflation won't be easing any time soon, but Canada's biggest grocer is still expecting its profits to rise this year.
"We still have over 1,000 supplier requests on our desks for significant cost increases," Galen G. Weston, chairman and president of Loblaw, said during a call with analysts to discuss the company's latest results. The grocer's gross margins also dipped slightly in the quarter ended Dec. 31, with an adjusted gross profit of 30.6 per cent down from 30.9 per cent in the same quarter a year earlier.
The adjusted earnings amounted to $1.76 per diluted share in its latest quarter, compared with an adjusted profit of $1.52 per diluted share a year earlier. Analysts on average had expected a profit of $1.71 per share, according to financial markets data firm Refinitiv.
"Our strong sales and market share performance this quarter are a clear indication that our efforts resonate with customers," Loblaw chief financial officer Richard Dufresne said during the call.
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