If domestic manufacturers and suppliers keep pushing their prices up on food and several household goods,
"Retailers are doing their best not to push those costs on to the consumers, but retailers can only absorb so much,"
He said the increases have come from the consumables category, which
General merchandise, which runs the gamut from party supplies to greeting cards and electronics and kitchenware, hasn't seen the same shift in pricing pressures, Rossy added.
His remarks come as Canadians have been grappling with rising costs for the last two years, putting a strain on budgets and causing some to adopt more price-conscious behaviour.
Their approaches to shopping are being shaped largely by high interest rates and inflation, which eased considerably over the last year, reaching 3.1 per cent in October, but remains above the
But inflation has had some positive impacts for
The retailer said Wednesday that it earned
Sales totalled
Asked by an analyst whether Rossy is worried customers who "traded down" to
"When they're trading down, consumers tend to look at
"The most important thing is that we convert them into believers in
Rossy's confidence is baked into the company's outlook, which now forecasts comparable-store sales for its full year to grow 11 to 12 per cent, up from earlier expectations for growth of 10 and 11 per cent.
He was also pleased to share that many of the staffing woes, which left retailers desperate for workers following pandemic lockdowns, have subsided.
"
At the store-level, he said, it's been "a bit of challenge."
"But it's manageable and we've adapted systems and processes to try to streamline the hiring process to make it as easy as possible."
This report by The Canadian Press was first published
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