Loblaw Companies' sales growth is softening as inflation continues to grip the economy and shape consumer shopping habits, the company's president and chairman said.
Loblaw Companies Ltd.'s sales growth is softening as inflation continues to grip the economy and shape consumer shopping habits, the company's president and chairman said Wednesday.
Several large U.S.-based retailers have warned in recent months about unsold inventory as shoppers rein in spending due to rising costs. Companies like Walmart and Target have suggested profits could take a hit as they are forced to mark down excess inventory. The company posted an increase in profit and sales in its second quarter, with drugstore sales driving overall margin expansion.
Weston added:"There's tremendous strength in fragrances. We're kind of wondering what people are doing with all of those perfumes." "As the provinces get more confident in expanding the scope of practice for pharmacists, we see an opportunity to have selected dedicated locations that can provide a health clinic-like service delivered by pharmacists."
"Commodity price are coming off their highs, some freight costs are coming down and supply chain issues are normalizing — other than fuel costs, which remain high but down from their peaks of last March," he said.
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