Loblaw is seeing signs of price stabilization amid interest rate hikes and lower freight and commodity costs. Find out more.
But even when a grocer agrees to pay more at wholesale, it still gets to decide whether to absorb the added costs or increase retail prices. And it’s clear many of the increases are making their way to the consumer.grocery bills rose 9.4 per cent year-over-year in June. That was down slightly, from a 9.7 per cent year-over-year increase in May — the worst spike in food retail prices since 1981.
The company reported that its profit margins got better in the second quarter, but stressed that the improvement wasn’t coming from food sales.Overall, the company’s gross margin — a basic measure of the profits leftover after subtracting the cost of goods — rose 60 basis points year-over-year to 31.2 per cent.
Net earnings were $428 million, down $6 million from last year. Loblaw said it recorded a charge of $111 million in the quarter, due to aOn an adjusted basis, however, profit available to common shareholders was $566 million, up 22 per cent over last year. Adjusted net earnings per share were $1.69, up 25 per cent. Analysts were forecasting earnings per share of $1.59, according to a report from Bank of Nova Scotia analyst Patricia Baker.
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