One of Burnaby's biggest food retailers says the pandemic is having a lasting impact on food consumption as consumers continue to spend more at grocery stores and cook at home rather than return to restaurants.
Michael Medline, president and CEO of Empire Co. Ltd. and its subsidiary Sobeys Inc. which operates multiple Safeway stores in Burnaby, said the shift appears to be permanent.
"We are seeing a structural change in consumption of food at home," Medline said during a conference call with analysts on Thursday to discuss Empire's second quarter results.
"Customers have seen and experienced the affordability and convenience of eating at home with their families," he said. "We believe there is permanence in this shift."
One of the most notable changes in grocery shopping habits is an ongoing elevated basket size, indicating that consumers are buying more food with each shop.
"We're seeing basket sizes remain at elevated levels," Medline said, adding that in conjunction with the grocer's other data on shopping habits there is evidence of a "permanent shift."
Empire, which owns multiple food retailers including Sobeys, Safeway, IGA, Foodland and FreshCo, earned $175.4 million in its latest quarter, up from $161.4 million in the same quarter last year, helped by a nearly five per cent increase in sales.
Its profit amounted to 66 cents per diluted share for the 13-week period ended Oct. 30, up from 60 cents per diluted share a year earlier.
Sales in what was the company's second quarter totalled $7.32 billion, up from $6.98 billion.
- With files from the Canadian Press
