Sobey's focuses on investors.

Author

Jay Lutz
June 28, 2023

Sponsored by Power Nickel

Sobey’s doesn’t care about your food inflation

With Canada’s latest grocery inflation figure for May coming in at 9.0% and its food banks seeing record usage over the past several months, Canadian consumers have been struggling to feed themselves.

In spite of this struggle, Empire Companies Limited (TSX: EMP), which owns several grocery chains including Sobeys and Longos, and is considered one of Canada’s “Big 3” grocers alongside Loblaws and Metro, indicated this past week that they would be expanding their stock buyback program.

In Empire’s fiscal 2023, which ended on May 6, 2023, the company purchased 9,444,902 of their Class A Shares for cash consideration of $350 million. This represented a more than 40% increase over the company’s previous fiscal year ending on May 7, 2022, where the company spent only $248.9 million on buybacks.

You can read more on the matter here.

Power Nickel is a Canadian junior exploration company focusing on developing the High Grade Nisk project into Canada's first Carbon Neutral Nickel mine. The NISK property comprises a large land position (20 kilometres of strike length) with numerous high-grade intercepts, including a recent intercept of 1.01% nickel over 14.4 metres.

What’s going on?

  • A Dilemma for the BoC: Mortgage Interest Costs Were the Primary Driver in May’s CPI Print (theDeepDive)

  • Study: Google Violated Own Standards In 80% Of Ads, Stands To Lose Billions In Refunds (theDeepDive)

  • FDA Releases Guidance for Psychedelic Drug Trials With Possibility of Removing Schedule I Classification (theDeepDive)

  • Microsoft, Activision CEOs expected to urge US judge to allow $69 billion merger (Reuters)

  • 23-Year-Old Cons A Vegas Casino Into Giving Him More Than $1 Million (theDeepDive)

  • ‘Wolf of Airbnb’ Pleads Guilty to $2 Million Fraud Scheme (theDeepDive)

  • UBS looks to axe 30% of staff and keep Credit Suisse's domestic business (Reuters)

  • Postmedia In Merger Discussions with Toronto Star Owner, Considers Debt-to-Equity Swap (theDeepDive)

Amazon’s free mobile phone service

The stock market and stuff

  • MicroStrategy Purchases Over 12,000 Bitcoin (theDeepDive)

  • Volkswagen shares recover after EV production cut reports (Reuters)

  • General Mills Sinks After Forecasting Slowdown in Coming Year (Bloomberg)

  • TSX flat at open; consumer staples gains cap industrials losses (Reuters)

In the juniors

  • CGX Energy Reports 210 Feet Of Hydrocarbon Bearing Sands In Santonian Horizon (theDeepDive)

  • Startup Fly.io Raises $70 Million in EQT-Led Round (Bloomberg)

  • Beyond Meat adds more products to its lineup at Costco stores (SeekingAlpha)

FULL DISCLOSURE: Power Nickel is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Power Nickel. The author has been compensated to cover Power Nickel on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.