Loblaw calls out ongoing 'outsized' price hikes from big brand-name food companies

  • 📰 YahooFinanceCA
  • ⏱ Reading Time:
  • 48 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 23%
  • Publisher: 63%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

On an adjusted basis, Loblaw says it earned $1.55 per diluted share in its latest quarter, up from an adjusted profit of $1.36 per diluted share a year ago

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 47. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Loblaw Companies reports $418M Q1 profit, raises quarterly dividend 10%Revenue for the 12\u002Dweek period totalled nearly $13 billion, up from nearly $12.3 billion a year earlier
Source: TheTorontoSun - 🏆 23. / 68 Read more »

Loblaw Companies reports $418M Q1 profit, raises quarterly dividendLoblaw Companies Ltd. raised its dividend 10 per cent as it reported a profit available to common shareholders of $418 million for its first quarter.
Source: CTVNews - 🏆 1. / 99 Read more »