Third quarter sales up by about five per cent to $7.4 billion on higher fuel sales, increased food inflation and recent acquisition of Longo\u0027s
The Stellarton, N.S.-based grocery chain — which includes Sobeys, IGA, Foodland, FreshCo and Safeway — increased third quarter sales by about five per cent to $7.4 billion, due to higher fuel sales, increased food inflation and its recent acquisition of Toronto-area grocer Longo’s, the company said in anon Thursday.
That cost discipline is no doubt being tested by rising inflation throughout the food chain this year. Grocery prices were up 6.5 per cent year-over-year in January — the highest food inflation in nearly 13 years, according to the latest consumer price index report from Statistics Canada. Executives in the grocery business say they’ve been flooded with requests from suppliers wanting to raise wholesale prices to offset spikes in the cost of labour and ingredients.
at Empire’s top competitor, Loblaw Companies Ltd., which has been cut off from Frito-Lay products in a prolonged price dispute with PepsiCo Inc.Article content “Although it is difficult to estimate how long these pressures will last, the company is focused on supplier relationships and negotiations to ensure competitive pricing for consumers,” Empire said on Thursday.
Empire’s gross margin — calculated as gross profit divided by sales — stayed steady with the previous year at 25.7 per cent. But excluding fuel, gross margin was up 41 basis points in the quarter, which ended Jan. 29.
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