adplus-dvertising
Connect with us

News

Loblaw earns $529M in Q4 profits as Canadians continue to be hit with higher food prices – CBC News

Published

 on


Loblaw Companies on Thursday forecast annual earnings above analysts’ expectations, after the Canadian retailer’s fourth-quarter results beat estimates, helped by strength in its pharmacy business and as demand held up for groceries.

The company says it earned a profit available to common shareholders of $529 million. Its fourth-quarter revenue rose about 10 per cent to $14.01 billion, topping estimates of $13.75 billion.

On an adjusted basis, Loblaw earned $1.76 per share, beating analysts’ expectations of $1.71 per share.

Consumers spending on essentials

A vegetable oil aisle at a grocery store.
The cooking oil aisle at a Toronto Loblaws grocery store is pictured on Oct. 18, 2022. Retailers are leaning on sales of food and medicines as rising prices are forcing consumers to prioritize spending on essentials and trade down to cheaper private-label alternatives from higher-priced brands. (Evan Mitsui/CBC)

Retailers are leaning on sales of food and medicines as rising prices are forcing consumers to prioritize spending on essentials and trade down to cheaper private-label alternatives from higher-priced brands.

Loblaw posted a 9.7 per cent rise in retail segment sales, reflecting strong growth in its food and drug businesses, with steady demand for cough and cold medicines, as well as high-margin beauty and cosmetics products.

Retail bellwether Walmart Inc., however, forecast its full-year earnings below estimates on Tuesday, and warned that tight spending by consumers could pressure profit margins.

Loblaw, on the other hand, expects its full-year 2023 adjusted earnings per common share to grow in the low double-digits compared with the average analyst estimate of 9.64 per cent, according to Refinitiv IBES data.

A lack of competition

Groceries are pictured in a Vaughan, Ont., supermarket on Aug. 16, 2022. Several converging factors are putting upward pressure on food costs, including geopolitical events like the war in Ukraine, as well as climate-related disasters like a surge of avian flu in North America that is driving up poultry prices. (Evan Mitsui/CBC)

Dr. Phoebe Stephens, an assistant professor of food security and sustainable agriculture at Dalhousie University, said that grocery retail in Canada is heavily concentrated, with about 80 per cent of sales controlled by five major chains, including Loblaw.

“Whether or not greedflation is at play is really, really difficult to nail down,” Stephens said, noting that food processing and manufacturing are also heavily concentrated parts of the sector.

“So there is a lack of competition there as well. And that might be allowing these companies to raise prices more so than they would be able to if there was greater competition.”

Several converging factors are putting upward pressure on food costs, including geopolitical events like the war in Ukraine, as well as climate-related disasters like a surge of avian flu in North America that is driving up poultry prices.

“But there is also a question mark about the role of market concentration and a lack of competition in driving up these food prices,” Stephens said. “Because of their unique position in the food system, grocery retailers actually have power over both suppliers and consumers.”

Adblock test (Why?)

728x90x4

Source link

Continue Reading

News

Peter Nygard sentenced to 11 years for sexual assault convictions

Published

 on

TORONTO – Former fashion mogul Peter Nygard is a “sexual predator” who showed no empathy for his victims, an Ontario judge said Monday as he sentenced the disgraced tycoon to 11 years in prison for his crimes in Toronto.

The 83-year-old’s time behind bars will work out to a little less than seven years after accounting for credit he received for time already spent in custody, and Nygard will be eligible to apply for parole in two years.

Justice Robert Goldstein, who presided over the case, called Nygard “a Canadian success story gone very wrong.”

“Peter Nygard is a sexual predator,” Goldstein told the court in issuing his sentence.

Nygard, who arrived in court in a wheelchair, did not address the courtroom when given the opportunity.

He was convicted of four counts of sexual assault last November but acquitted of a fifth count as well as one of forcible confinement.

The charges stemmed from allegations dating from the 1980s until the mid-2000s, as multiple women accused Nygard of sexually assaulting them at his company’s headquarters in Toronto.

Nygard’s lawyer had argued for a six-year sentence, citing her client’s age and poor health, while the Crown sought a sentence of 15 years.

The judge dismissed the argument for a shorter sentencing, noting that Nygard has been receiving special treatment in custody due to his various health issues and that his advanced age is not reason enough to limit the sentence. Goldstein also suggested Nygard had been exaggerating his health issues in his submissions to the court.

The judge further said one of several aggravating factors in the case was the fact that one of the victims was just 16 years old.

Nygard’s lawyer previously argued in court that a lengthy sentence would be “crushing” for her client, who has Type 2 diabetes and deteriorating vision, among other health issues.

Nygard founded a fashion company in Winnipeg in 1967 that ultimately became Nygard International.

His company produced women’s clothing under several brand names and had corporate facilities in both Canada and the U.S. His stores throughout Winnipeg were once draped in his photos.

Aside from his Toronto case, Nygard is also facing charges in Quebec, Manitoba and the United States.

He was first arrested in Winnipeg in 2020 under the Extradition Act after he was charged with nine counts in New York, including sex trafficking and racketeering charges.

In May, Manitoba’s highest court dismissed Nygard’s application for a judicial review of his extradition order, finding there was no reason to interfere with the order issued by then-justice minister David Lametti.

None of the criminal charges against Nygard in Quebec, Manitoba or the U.S. have been tested in court, and he has denied all allegations against him.

This report by The Canadian Press was first published Sept. 9, 2024.

The Canadian Press. All rights reserved.



Source link

Continue Reading

News

Former fashion tycoon Peter Nygard’s long-delayed sentencing expected today

Published

 on

TORONTO – Former fashion mogul Peter Nygard is expected to be sentenced for his sexual assault convictions today, after multiple delays in the case that have stretched for months.

The 83-year-old was convicted on four charges last November but the sentencing process has dragged on for several reasons, including Nygard’s difficulties in retaining legal counsel.

The sentencing was postponed once again last month because one of the Crown attorneys was out of the country.

Nygard’s latest lawyer is seeking a six-year sentence, citing her client’s age and health issues, while prosecutors have asked for a sentence of 15 years.

Nygard, who once helmed a successful women’s fashion company, was accused of sexually assaulting multiple women at his firm’s Toronto headquarters from the 1980s until the mid-2000s.

He was ultimately convicted of four counts of sexual assault but acquitted of a fifth count as well as one of forcible confinement.

This report by The Canadian Press was first published Sept. 9, 2024.

The Canadian Press. All rights reserved.



Source link

Continue Reading

News

CanadaNewsMedia news September 9, 2024: Liberal caucus gathers for retreat in Nanaimo

Published

 on

 

Here is a roundup of stories from CanadaNewsMedia designed to bring you up to speed…

Liberal caucus gathers for retreat in Nanaimo

Prime Minister Justin Trudeau may be bracing for an earful from his caucus when Liberal MPs gather in Nanaimo, B.C. today to plot their strategy for the coming election year.

It will be the first time he faces them as a group since MPs departed Ottawa in the spring.

Still stinging from a devastating byelection loss earlier this summer, the caucus is now also reeling from news that their national campaign director has resigned and the party can no longer count on the NDP to stave off an early election.

The governing Liberals found themselves in political freefall last summer and despite efforts to refocus on key issues like housing and affordability, the polls have not moved back in their favour.

Simmering calls for a new leader reached a new intensity earlier this summer when the Conservatives won over a longtime Liberal stronghold in a major byelection upset in Toronto-St. Paul’s.

Here’s what else we’re watching…

Sentencing expected for Coutts protesters

A judge is expected to hand down sentences today for two men convicted for their roles in the 2022 Coutts, Alta., border blockade.

Anthony Olienick and Chris Carbert were convicted last month of public mischief over $5,000 and possessing a firearm dangerous to the public peace. Olienick was also convicted of possessing a pipe bomb.

A jury found them not guilty of the most serious charge they faced: conspiracy to murder police officers.

The men were charged after RCMP found guns, ammunition and body armour in trailers near the blockade at the key Canada-U.S. border crossing.

The blockade was one of several held across the country to protest COVID-19 rules and vaccine mandates.

Group calls for more tracking of health care funds

The Canadian Medical Association says there should be better tracking of health care spending, following health care agreements the federal government has signed with the provinces and territories.

The doctors’ group has released a new report calling for a greater commitment to tracking improvements in delivery and patient outcomes, citing the complexity of the deals.

It says the report outlines gaps in the agreements, such as that no province or territory has set targets for eliminating emergency room closures.

The medical association wants to establish a national health accountability officer, who would be focused on tracking progress and reporting on the efficiency of health care spending.

Last year, Ottawa announced $196 billion in funding over 10 years to improve access to health care, of which about $45 billion was new money.

Unions face battle organizing Amazon in Canada

Unions trying to organize at Amazon workplaces across Canada are facing a series of hurdles, including legal challenges and alleged anti-union tactics from the e-commerce giant.

Labour laws in Canada are generally stronger than those south of the border, where unions also face an uphill battle, experts say.

Amazon has challenged multiple steps of the certification process at several warehouses in Canada. It has been accused by unions of employing tactics to prevent workers from organizing, such as workplace messages and hiring sprees, which the company denies.

“Our employees have the right to choose to join a union or not to do so. They always have,” Amazon spokeswoman Barbara Agrait said in a statement, responding to characterizations of Amazon as anti-union.

She added that Amazon doesn’t think unions are the best option for its employees.

Peter Nygard’s sentencing expected today

Former fashion mogul Peter Nygard is expected to be sentenced for his sexual assault convictions today, after multiple delays in the case that have stretched for months.

The 83-year-old was convicted on four charges last November but the sentencing process has dragged on for several reasons, including Nygard’s difficulties in retaining legal counsel.

The sentencing was postponed once again last month because one of the Crown attorneys was out of the country.

Nygard’s latest lawyer is seeking a six-year sentence, citing her client’s age and health issues, while prosecutors have asked for a sentence of 15 years.

Nygard, who once helmed a successful women’s fashion company, was accused of sexually assaulting multiple women at his firm’s Toronto headquarters from the 1980s until the mid-2000s.

This report by The Canadian Press was first published Sept. 9, 2024.

Source link

Continue Reading

Trending