Canada’s biggest grocer is facing fresh price hikes from suppliers, signalling food inflation will continue its relentless ascent.
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His comments came as the parent company of grocery chains like Loblaws and No Frills and drugstores like Shoppers Drug Mart said its fourth-quarter profit amounted to $529 million or $1.62 per diluted share.This advertisement has not loaded yet, but your article continues below.The result is “evidence that retail prices are not growing faster than costs and the company is not taking advantage of inflation to drive profit,” Loblaw chief financial officer Richard Dufresne said during the call..
The company said a decrease in its food retail margin — largely related to its No Name price freeze and increased promotional activity —was partially offset by growth in higher margin drug retail sales.Article contentRevenue totalled $14.0 billion, up from $12.8 billion in the fourth quarter of 2021.The increase in revenue came as food retail same-store sales gained 8.4 per cent, with discount grocery stores continuing to outperform conventional chains, while drug retail same-store sales rose 8.
On an adjusted basis, Loblaw said it earned $1.76 per diluted share in its latest quarter, compared with an adjusted profit of $1.52 per diluted share a year earlier.Article content
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