{"id":22635,"date":"2022-06-09T19:21:50","date_gmt":"2022-06-09T19:21:50","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2022\/06\/09\/saputos-price-hikes-cant-keep-up-with-inflationary-pressures-as-profits-slump\/"},"modified":"2022-06-09T19:21:50","modified_gmt":"2022-06-09T19:21:50","slug":"saputos-price-hikes-cant-keep-up-with-inflationary-pressures-as-profits-slump","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2022\/06\/09\/saputos-price-hikes-cant-keep-up-with-inflationary-pressures-as-profits-slump\/","title":{"rendered":"Saputo&#8217;s price hikes can&#8217;t keep up with inflationary pressures as profits slump"},"content":{"rendered":"<div style=\"text-align:center\"><\/div><p> \n<\/p>\n<div id=\"\">\n<nav aria-label=\"Breadcrumb\" class=\"breadcrumbs\">\n<h2 class=\"visually-hidden\">Breadcrumb Trail Links<\/h2>\n<ol class=\"breadcrumbs__items list-unstyled\">\n<li class=\"breadcrumbs__item\"> News <\/li>\n<li class=\"breadcrumbs__item\"> FP Economy <\/li>\n<\/ol>\n<\/nav>\n<p class=\"article-subtitle\"> Saputo has raised prices on retailers and restaurants, but those increases haven&#8217;t been enough to offset soaring costs <\/p>\n<figure class=\"featured-image\"><picture class=\"featured-image__ratio\"><\/picture><figcaption class=\"featured-image__caption image-caption\"><span class=\"caption\">Saputo Inc. chief executive Lino Saputo Jr. at the company&#8217;s annual general meeting in Laval, Quebec, in 2018.<\/span> <span class=\"credit\">Photo by Graham Hughes\/The Canadian Press<\/span> <\/figcaption><\/figure>\n<\/div>\n<div id=\"\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>Saputo Inc.\u2019s profits slumped in the fourth quarter despite a jump in revenues, as the Montreal-based dairy giant struggled to stay ahead of inflationary pressures in its supply chain.<\/p>\n<\/p><\/div>\n<div id=\"\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>The company said it has been working to raise prices on retailers and restaurants, but those increases haven\u2019t been enough to offset the soaring cost of commodities, labour, packing and transport. Saputo\u2019s freight and logistics costs alone increased by $41 million in the quarter.<\/p>\n<p>In an earnings update on June 9, Saputo reported its higher domestic prices resulted in better-than-expected revenues of $3.96 billion in the quarter ended March 31, up more than 15 per cent compared to the same quarter last year. But the extra revenues weren\u2019t enough to keep profits from slipping.<\/p>\n<p data-async=\"\">\u201cPricing initiatives undertaken were not sufficient to mitigate the ongoing impact of inflation on our costs,\u201d the company said in a news release.<\/p>\n<\/p><\/div>\n\n<br \/>Saputo&#8217;s price hikes can&#8217;t keep up with inflationary pressures as profits slump<\/a><br \/>\n<br \/>2022-06-09 19:21:50<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Breadcrumb Trail Links News FP Economy Saputo has raised prices on retailers and restaurants, but those increases haven&#8217;t been enough to offset soaring costs Saputo Inc. chief executive Lino Saputo&#8230;<\/p>\n","protected":false},"author":2,"featured_media":22636,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/06\/saputo-vw0609.jpg?quality=90&strip=all&w=288&h=216","fifu_image_alt":"","footnotes":""},"categories":[31],"tags":[],"class_list":["post-22635","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy"],"_links":{"self":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/22635","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/comments?post=22635"}],"version-history":[{"count":0,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/22635\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media\/22636"}],"wp:attachment":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media?parent=22635"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/categories?post=22635"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/tags?post=22635"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}