Grocery chain CEO warns of price hikes as he shares real rea
Feb 19, 2024 22:02:29 GMT
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Post by sunny225 on Feb 19, 2024 22:02:29 GMT
www.msn.com/en-us/money/markets/grocery-chain-ceo-warns-of-price-hikes-as-he-shares-real-reason-behind-soaring-prices/ar-BB1ix21R?ocid=msedgdhp&pc=U531&cvid=4d15c31ffb9c434cb077775f8c018524&ei=43
Grocery chain CEO warns of price hikes as he shares real reason behind soaring prices
Metro Inc. CEO Eric La Fleche this week painfully informed consumers of an incoming price hike that will likely hit as soon as next week after an industry-wide hiatus of supplier price increases came to an end.
"We are negotiating as best we can and delaying as much as we can some of the increases requested by our suppliers," La Fleche told a virtual news conference. "Unfortunately, there will be some prices starting to go up." La Fleche said the price of orange juice is poised to increase due to the problems with orange crops.
"That one's going to be substantial," he said. "We're clearly going to be selling a lot less orange juice." There may be a silver lining as the CEO said the amount of supplier requests for price hikes is down considerably compared to the highs of the last two years.
"So that's good news," he said. "And the size of the demands is coming back to more normal levels." The grocery and drugstore giant reported its first-quarter profits totaled to $228.5 million(£181,517,041), with an 6.5 per cent increase in sales. Metro claimed its earnings were about 99 cents per diluted share for the quarter ended December 23 compared with $231.1 million(£183,514,254.00) in total profits or about 97 cents per diluted share a year before when the company seemed to be more popular on the stock market.
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Grocery chain CEO warns of price hikes as he shares real reason behind soaring prices
Metro Inc. CEO Eric La Fleche this week painfully informed consumers of an incoming price hike that will likely hit as soon as next week after an industry-wide hiatus of supplier price increases came to an end.
"We are negotiating as best we can and delaying as much as we can some of the increases requested by our suppliers," La Fleche told a virtual news conference. "Unfortunately, there will be some prices starting to go up." La Fleche said the price of orange juice is poised to increase due to the problems with orange crops.
"That one's going to be substantial," he said. "We're clearly going to be selling a lot less orange juice." There may be a silver lining as the CEO said the amount of supplier requests for price hikes is down considerably compared to the highs of the last two years.
"So that's good news," he said. "And the size of the demands is coming back to more normal levels." The grocery and drugstore giant reported its first-quarter profits totaled to $228.5 million(£181,517,041), with an 6.5 per cent increase in sales. Metro claimed its earnings were about 99 cents per diluted share for the quarter ended December 23 compared with $231.1 million(£183,514,254.00) in total profits or about 97 cents per diluted share a year before when the company seemed to be more popular on the stock market.
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