Canada's largest grocer says its product costs have risen by nearly $1 billion so far this year — double the historic norm — as it continues to see "outsized" price increases from big multinational food brands.
"We are still seeing outsized cost increases rolling in from large, global consumer goods companies, exceeding what we expected at this point," he said during a call with analysts. "We are definitely seeing more inflationary cost pressure from the large multinational than we would have expected at this time based what's happening in the commodity cost environment," Weston said during the analyst call.
Many big food makers with headquarters outside of Canada are continuing to pass along significant price increases to retailers.PepsiCo Inc., the company behind products like Tropicana orange juice and Lay’s chips, increased prices 16 per cent in its latest quarter, helping boost its profit by 18 per cent, it said last month.
Loblaw raised its dividend 10 per cent as it reported its first quarter earnings, saying it will now pay a quarterly dividend of 44.6 cents per share, up from 40.5 cents per share.
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