Shoppers may finally get some relief from relentless price hikes at the grocery store
Grocery store inflation may have peaked in Canada as price increases from food manufacturers stabilize, the head of Empire Company Ltd. said Thursday.
“While it is too early to definitively say that inflation has peaked, we’re seeing some encouraging signs including the fact that the number and rate of cost increases from our suppliers is decreasing,” Michael Medline, president and CEO of Sobeys Inc. and its parent company Empire, said during a call with analysts.In July, Loblaw Companies Ltd. chairman and president Galen G. Weston said there were early signs of easing inflation as commodity and transport costs improved.
“Our own-brands portfolio is on fire and delivering immense value to customers,” he said, adding that sales of the grocer’s in-house brands, such as Compliments, increased 9.5 per cent year-over-year in its most recent quarter. Empire reported a first-quarter profit of $187.5 million as its sales rose 4.1 per cent compared with a year ago.The result compared with a profit of $188.5 million or 70 cents per diluted share a year ago when it had more shares outstanding.
Same-store sales for the quarter rose 3.3 per cent, while same-store sales, excluding fuel, gained 0.4 per cent.
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