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Canadians feeling the pinch in grocery: Businesses cash in on inflation

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Canadians are battling soaring food prices, and corporate profits are part of the problem. The heads of Canada’s largest grocers will appear before a parliamentary committee to answer questions about their role in the increasingly unaffordable cost of food. It also proposes a profiteering corporate income tax to help struggling households and the economy.

Profit margins for Canadian companies have improved significantly, from an average pre-tax margin of 9% over the past two decades to nearly 16% in 2021. Preliminary figures for 2022 suggest margins remain high.

Companies are taking advantage of the turmoil in the global economy to boost profit margins, not just pass on higher costs.

Loblaw raised his total markup from 44.3% in 2019 to 46.7% in 2022 and denied taking advantage of inflation. Canadians would have saved nearly $900 million if Loblaw had stayed on from 2019. Metro and Empire saw similar increases in profits.

The federal government must impose a windfall profits tax on large corporations that have made billions of dollars over the past three years. Revenue from this tax can be used to help struggling families and economies such as B. Make life more affordable and cushion the blow of the coming recession by investing in affordable housing, dental and medical care.

Profit margins for Canadian oil and gas companies have risen sharply, from 8.5% in 2019 to 17% in 2021. Many of these companies pay little tax relative to their profits, with seven of the top 10 oil majors paying no income tax in 2019. 2021.

A windfall profits tax could be extended to all large corporations that make huge profits, regardless of their industry.

Canadians are feeling the grocery crisis, and it’s time to hold corporations accountable for their role in driving inflation. The government must impose a windfall profits tax on big corporations to help struggling households and economies. That tax could be used to invest in affordable housing, dental and medical care, making life more affordable and cushioning the blow of the coming recession. Now is the time for companies to pay their fair share and for the government to act to help Canadians.

Lycomato® delivers measurable, inclusive results for skin health and appearance

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A new clinical study has found that daily supplementation with Lycomato®, Lycored’s tomato-derived nutrient complex, can deliver scientifically measurable beauty results noticeable to consumers after just 4 weeks of use. Lycomato contains standardized levels of carotenoids, including lycopene (15mg), phytoene, and phytofluene, which have anti-inflammatory properties that support skin health and appearance by balancing the effects of aging from within.

The clinical trial involved 50 healthy women of different ages, ethnicities, and skin types who took Lycomato soft gels containing 15mg of lycopene daily for 12 weeks. The study assessed the participants’ skin condition using three methods: expert visual grading of facial markers, instrumental measurement, and consumer perception via questionnaires.

The results of the study were significant, with the visual grading identifying improvements in fine lines, wrinkles, pore appearance, brightness/radiance, skin tone evenness, dark spot intensity, smoothness, and firmness after both four weeks and 12 weeks of supplementation. The instrumental measurement found significant improvement to skin firmness after the fourth and 12th weeks and significant skin barrier improvement after 12 weeks.

In addition, the self-assessment stage of the study showed that after 12 weeks of supplementation, 86% of subjects reported an improvement in the overall appearance of their skin, 88% reported an improvement in their skin’s elasticity, 86% said their skin felt smoother, and 84% said it felt younger or healthier.

Elizabeth Tarshish, PhD, Head of Claims and Clinical Affairs at Lycored, expressed excitement about the study’s results, saying that Lycomato drove a significant improvement across a variety of ages, ethnicities, and skin types, as evaluated by expert grading, instrumental measurement, and most importantly – user perception. The study’s results demonstrate Lycored’s commitment to empowering people to feel comfortable in their own skin.

Understanding Natural and Organic Shoppers: Insights for Brands and Retailers

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Natural and organic products have become increasingly popular, with sales expected to reach $300 billion by 2024. A recent Acosta Group Shopper Insights study provides valuable information for brands and retailers looking to tap into this growing market. The study found that natural and organic shoppers of all ages place a high importance on being healthier and avoiding chemicals, pesticides, and processed foods. They also tend to be more affluent, eco-friendly, and concerned about animal welfare. However, many shoppers find it challenging to differentiate between natural and organic products, creating an opportunity for brands and retailers to educate consumers.

Key findings and implications from the study include:

Broad Selection of Products Needed: As natural and organic product sales continue to climb, retailers need to offer a broad selection of products across all channels to meet the needs of Gen Z shoppers who will have greater spending power over the next decade.
Transparency is Key: The demand for increased label and ingredient transparency by manufacturers and retailers will rise and be a critical factor in purchase choice.

Price Remains a Barrier: Non-natural and organic shoppers may be hesitant to purchase due to price, with 73% listing it as the primary barrier to purchase. Additionally, 47% believe that conventional products are more practical, and 44% express skepticism about the hype around natural and organic products.

To engage with the next generation of natural and organic shoppers, brands and retailers need to bridge the physical and digital shelf with an omnichannel strategy that will drive conversion and brand preference. By providing consumers with education about the benefits of natural and organic products, and offering greater transparency around ingredients and labeling, brands and retailers can tap into the growing demand for these products and drive growth in-store and online.

Whole Foods Market’s 2023 Local and Emerging Accelerator Program (LEAP) Now Accepting Applications

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Whole Foods Market is now accepting applications for its Local and Emerging Accelerator Program (LEAP), which highlights the company’s commitment to supporting innovative local brands. The program offers mentorship from Whole Foods Market experts, educational programs, and the potential for direct financial support. LEAP also provides the opportunity for participants to have their products considered for placement on the shelves of Whole Foods Market stores in their home city or region.

What is the Local and Emerging Accelerator Program (LEAP)?
How does the program benefit participants?
Success stories from the inaugural cohort

Whole Foods Market’s Local and Emerging Accelerator Program (LEAP) is a valuable opportunity for local suppliers to receive mentorship, education, and potential financial support. The program’s success stories, such as CHKP Foods and Coyotas, demonstrate the effectiveness of LEAP in advancing emerging brands. Whole Foods Market is committed to empowering small and local producers, and LEAP is a crucial part of that legacy. Interested suppliers are encouraged to apply for the 2023 program.

Genexa Granted Temporary Exception to Import Kids’ Pain & Fever

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Genexa Granted Temporary Exception to Import Kids’ Pain & Fever into Canada to Help Alleviate Ongoing Medication Shortages

Genexa, a clean medicine company, has received a temporary exception from Health Canada to import a limited amount of Kids’ Pain & Fever medication from its supply network in the United States. This medication is designed to temporarily reduce fever and alleviate a range of cold and flu symptoms in children between the ages of 2 and 11. Genexa has announced that it will make this product available in major Canadian retailers for a limited time to help alleviate the current shortage of children’s pain medication in the country.

David Johnson, Genexa’s CEO and Co-Founder stated that the company is proud to support Canadian families and children and is committed to assisting its neighbours to the North. The company is working closely with Health Canada to obtain long-term approval for its product and to introduce additional formulations and products in Canada.

Pangea appoints Jordan Melville to an Advisory role

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Pangea, a natural food company, has announced the addition of Jordan Melville to its team, to provide franchising and food-related consulting and advisory services. This marks the second hire for the company this year, following the appointment of Daryl Louie as Chief Marketing Officer.

Pratap Sandhu, CEO of Pangea, expressed his excitement over the expansion of the team as the company grows and matures. With Jordan’s decades of experience in food manufacturing, distribution, and franchising, Sandhu is confident that he will play a significant role in helping Pangea achieve its 2023 goals.
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Jordan Melville is no stranger to providing strategic direction, having worked with the executive team at the Boston Pizza franchise, where he led the opening of over 400 locations across North America. He is also the founder of Brandlive Management Group, an award-winning event production company based in Vancouver.

In his new role, Melville will support Pangea’s executive leadership team in optimizing the supply chain, improving manufacturing processes, and providing strategic direction on distribution. Pangea is looking forward to achieving further milestones with its new hires and continuing to expand its product lines in over 250 retail outlets.

Fitlife completes previously announced acquisition of Mimi’s Rock

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Mimi’s Rock Corp. (TSXV: MIMI) (“MRC” or the “Corporation”) announces the successful completion of its previously-announced statutory plan of arrangement with FitLife Brands, Inc. (“Parent”) and its wholly-owned subsidiary, 1000374984 Ontario Inc. (the “Purchaser” and, together with the Parent, “FitLife”). The Purchaser acquired all outstanding Common Shares of MRC, making it a wholly-owned subsidiary of FitLife.

FitLife CEO, Dayton Judd, expressed excitement in welcoming Mimi’s Rock to the FitLife family and collaborating with their talented team to drive growth and profitability for their brands.

As per the arrangement, former shareholders of MRC are entitled to receive a cash consideration of $0.17 per Common Share, and all outstanding options to acquire Common Shares have been accelerated and cancelled.

Registered shareholders must complete, sign, and return the letter of transmittal to TSX Trust Company, along with their certificate(s) or DRS advice(s) representing their Common Shares, to receive the Cash Consideration. Common Shares held in the CDSX system will receive the Cash Consideration automatically.

Following the closing of the Arrangement, MRC will apply to delist from the TSX Venture Exchange and terminate its public reporting obligations by submitting an application to the applicable securities regulators.

Advanced Orthomolecular Research (AOR): Winner of delicious living Supplement Awards

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Advanced Orthomolecular Research (AOR) is thrilled to announce that its Cold & Flu product has been awarded the Silver/Retailer’s Choice Award in the Immunity Category of delicious living magazine’s 13th annual Supplement Awards. This prestigious recognition highlights the brand’s commitment to developing advanced, evidence-based dietary supplements.

AOR, a trusted natural health brand in Canada, has earned a reputation for being the most advanced dietary supplement formulator in the country. The brand shares delicious living’s mission of providing effective health and wellness solutions and trustworthy information to its consumers.

Cold & Flu, AOR’s award-winning immunity supplement, features a revolutionary formulation of traditional herbal and proven mineral ingredients that have been clinically shown to reduce common cold symptoms and enhance the immune system. The supplement’s key ingredients, including Andrographis, South African Geranium, Tinospora cordifolia, zinc, and copper, work together to support the immune system’s cells, promote overall wellness, and provide comprehensive relief.

“We are extremely proud to introduce our Cold & Flu supplement, which was created with the highest-quality ingredients and the most scientifically advanced formulas possible,” stated Dr. NavNirat Nibber ND and Medical Advisor for AOR. “At AOR, we are passionate about helping people live their best, healthiest lives, and this supplement can make a significant difference for people during flu season (and all year long). It is an incredible honor to be recognized for this supplement by delicious living, a like-minded company that values our commitment to science-backed health products that really work.”

In conclusion, AOR’s award-winning Cold & Flu supplement is an outstanding testament to the brand’s dedication to providing science-based, effective health solutions to its consumers.

Canadian Beach Volleyball Player Brandie Wilkerson Teams Up with PVL for Olympic Qualifying Season

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Canadian Olympian Brandie Wilkerson, the current women’s World Beach Volleyball Silver Medalist, has joined forces with Pure Vita Labs (PVL®) as her Official Protein Partner for the 2023 Olympic Qualifying season. PVL’s Natural Series Collection will provide Wilkerson with the fuel she needs to compete for Olympic Gold at the Paris 2024 Summer Games.

PVL is a legacy leader in the Canadian sports supplements industry, offering 100% all-natural products with no artificial flavors, colors, or sweeteners. Their entire portfolio is “Informed Choice Certified” and has been tested and vetted for banned substances by the world-class sports anti-doping lab, LGC. For Wilkerson, who is a vegetarian, partnering with PVL was a natural fit.

Wilkerson is the most followed Canadian beach volleyball player on social media and the first black woman to represent Team Canada in her sport. She is a recognized voice in the athletic community, building relationships of influence with young athletes. PVL’s products are available coast-to-coast and are well-respected beyond marketing hype.

“We’re pumped to be working with PVL,” says Michael Edwards, Partner & VP of Sales with EQ. “From our first conversation, Ian and Dean from the PVL team showed genuine interest in supporting Brandie and providing her with the products she needs to be at her best.”

EQ CEO & Founder Dakota Rae states that “EQ is a big game hunter,” and that there is a lot of anticipation surrounding Wilkerson’s rising momentum. Brands want their customers’ attention, and Wilkerson has it. EQ looks forward to showcasing the great content and activations these two Canadian powerhouses have planned for 2023.

In summary, Wilkerson’s partnership with PVL is a natural fit, given the brand’s commitment to all-natural products that are “Informed Choice Certified” and free of banned substances. As a recognized voice in the athletic community and the most followed Canadian beach volleyball player on social media, Wilkerson’s partnership with PVL is sure to generate excitement and anticipation as she competes for Olympic Gold in the upcoming 2024 Summer Games in Paris.

Jamieson Wellness Inc. reported financial results for its fourth quarter and the year ending December 31, 2022

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Jamieson Wellness Inc. reported financial results for its fourth quarter and the year ending December 31, 2022. All amounts are expressed in Canadian dollars. Certain metrics, including those expressed on an adjusted basis, are non-IFRS and other financial measures.

Highlights of Fourth Quarter 2022 Results versus Fourth Quarter 2021 Results

  • Revenue increased by 48.5% to $192.8 million;
  • Jamieson Brands’ revenue increased by 56.3%, with organic growth of 5.6%;
  • Adjusted EBITDA(1) increased by 44.7% to $48.9 million;
  • Net earnings were $22.1 million and Adjusted net earnings(1) increased 30.6% to $26.8 million; and
  • Diluted earnings per share were $0.52, and Adjusted diluted earnings per share(2) increased 26.5% to $0.62

Highlights of Full Year 2022 Results versus Full Year 2021 Results

  • Revenue increased by 21.4% to $547.4 million;
  • Jamieson Brands revenue increased by 27.9%, with organic growth of 8.1%;
  • Adjusted EBITDA(1) increased by 23.6% to $123.8 million;
  • Net earnings were $52.8 million and Adjusted net earnings(1) increased 18.0% to $65.1 million; and
  • Diluted earnings per share were $1.25, and Adjusted diluted earnings per share(2) increased 17.4% to $1.55

“2022 was a transformative year for Jamieson Wellness,” said Mike Pilato, President and CEO of Jamieson Wellness. “In addition to celebrating our 100th year of improving the world’s health and wellness with our Jamieson brand, we made significant advancements in our primary growth pillars as we continue to expand our category leadership globally beyond this milestone year.

“Throughout 2022, we saw consistent growth in our brands in Canada, as Canadian consumers continued to trust Jamieson for their health and wellness needs. In July, we closed on our acquisition of the youtheory brand, providing us with a strong platform and premium brand offering in the United States. In just a few short months we have identified and begun to execute multiple opportunities to leverage our combined strengths across channels, product innovation and capabilities to drive revenues and profitability in 2023 and beyond. In November, we announced the pending acquisition of our Chinese distributor’s assets. This is a natural evolution of our strategy and supports significant brand expansion as we transition to full control of the value chain, enabling us to capitalize on our strong momentum in the world’s second largest VMS market.

“These major strategic actions defined our centennial year and have placed us in a strong position for growth as we enter our next century of helping consumers around the world optimize their health and wellness. We delivered solid performance across our business in 2022 with total revenues up 21%, while profitability was similarly strong with adjusted EBITDA increasing 24%. We are extremely proud of our team for our achievements in 2022, and equally excited for the future. In 2023, we will continue to invest in our long-term opportunities, with a focus on our four primary growth pillars of Canada, U.S., China and International. We will continue to build our world-class brands by leveraging our best-in-class marketing, innovation and omni channel distribution capabilities to drive significant global expansion of our high-quality products and enhance value for all stakeholders.”

Fourth Quarter 2022 versus Fourth Quarter 2021 Results

Revenue increased 48.5% to $192.8 million in the fourth quarter of 2022 driven by 56.3% growth in the Jamieson Brands segment and 22.4% growth in the Strategic Partners segment.

  • Jamieson Brands segment revenue increased by $56.2 million or 56.3% driven by the following:
    • Jamieson Canada revenue growth of 6.3%, reflecting continued consumer demand, higher average retailer inventories in conjunction with a severe cold & flu season, and in-year pricing;
    • Jamieson China revenue growth of 41.5%, reflecting strong consumer demand as COVID-19 related lockdowns were eliminated in the quarter;
    • Jamieson International revenue decline of 21.0%, largely resulting from geopolitical and economic pressures in eastern Europe and delayed entry into certain markets due to regulatory changes;
    • Newly acquired youtheory business in 2022 contributed revenue of $50.6 million driven by seasonally higher promotions ahead of new year offset by lower customer inventory levels as specific partners reduced stocks on-hand in support of 2023 innovation plans.
  • Strategic Partners segment revenue increased by $6.7 million or 22.4%, to $36.8 million reflecting pricing to maintain existing margin structure and volume changes of customer products.

Gross profit increased 44.1% to $71.2 million in the fourth quarter of 2022. Gross profit margin(3) decreased by 120 basis points to 36.9% in the fourth quarter of 2022, driven by 80 basis points from youtheory gross profit margins which are inherently lower than the base business and 40 basis points due to a higher proportion of Strategic Partner sales.

Selling, general and administrative (“SG&A”) expenses increased by $13.2 million to $32.8 million in the fourth quarter of 2022. Normalized SG&A(1) increased by $8.8 million driven by the inclusion of the youtheory acquisition of $7.0 million while expanding its resources and marketing activity plus $1.8 million in the base business.

Earnings from operations increased 28.5% to $37.1 million in the fourth quarter of 2022 and operating margin(3) decreased by 300 basis points to 19.2% due to factors affecting gross profit margin and higher SG&A investments discussed above. Normalized earnings from operations(1) increased by $13.4 million or 46.2% in the fourth quarter of 2022 and normalized operating margin(2) was 22.0% compared with 22.4% in the fourth quarter of 2021.

Adjusted EBITDA increased by 44.7% to $48.9 million in the fourth quarter of 2022 and Adjusted EBITDA margin(2) was 25.4% compared with 26.0% in the fourth quarter of 2021 as youtheory Adjusted EBITDA margins are inherently lower than the base business.

Interest expense and other financing costs increased by $4.4 million to $5.8 million due to higher average borrowing rates and higher borrowings to support the youtheory acquisition.

Net earnings for the fourth quarter of 2022 were $22.1 million compared with $20.2 million in the fourth quarter of 2021. Adjusted net earnings increased by $6.3 million, or 30.6%, to $26.8 million in the fourth quarter of 2022.

Adjusted net earnings in the quarter exclude costs associated with foreign exchange gain/loss, acquisition related costs, IT system improvements, and other non-operating earnings or expenses net of related tax effects. A quantitative reconciliation of reported net earnings to EBITDA, Adjusted EBITDA, and non-IFRS normalized gross profit, normalized SG&A, normalized earnings from operations and Adjusted net earnings are included in the table accompanying this release under the heading “Non-IFRS and Other Financial Measures”.

Balance Sheet & Cash Flow

The Company generated $40.8 million in cash from operations during the fourth quarter of 2022 compared with $34.3 million generated in the fourth quarter of 2021. Cash from operating activities before working capital considerations(1) of $29.1 million was $4.5 million higher due to increased earnings in the current quarter. Cash generated from working capital increased by $1.9 million mainly driven by favourable timing of payables and accelerated inventory purchases realized earlier in 2022. The Company’s cash as at December 31, 2022 was $26.2 million compared with $6.8 million on December 31, 2021 due to foreign currencies (U.S. dollars) held for short-term obligations in Canada as well as the impact of its expanded global operations. The Company ended the year with approximately $126.2 million in cash and available operating lines and net debt(1) of $373.8 million.

Fiscal 2023 Outlook

The Company is introducing its outlook for fiscal 2023 and anticipates revenue in a range of $670.0 to $700.0 million, which represents annual growth of 22.0% to 28.0%. The Company estimates Adjusted EBITDA in a range of $140.0 to $146.0 million representing approximately 13.0% to 18.0% growth and Adjusted diluted earnings per share in a range of $1.62 to $1.72.

This outlook for revenue growth reflects the following assumptions:

  • Jamieson Brands segment revenue growth of 24.0% to 30.0%, driven by the following:
    • Jamieson Canada revenue growth of 3.0% to 6.0%, reflecting continued consumer demand, marketing plans, innovation, and the impact of prior year pricing;
    • Youtheory revenue of between $145.0 and $155.0 million (approximately 11.5% to 19.0% on a pro-forma basis) driven by product innovation, expanded e-commerce initiatives and distribution gains;
    • Jamieson China revenue to increase by 65.0% to 75.0%, reflecting a transition to an owned distribution model and the related step-up in distributor level pricing realized on revenues beginning the second quarter of 2023 along with continued consumer demand in e-commerce and distribution gains in the domestic retail channels (approximately 25.0% to 30.0% growth on a pro-forma basis);
    • Jamieson International revenue growth of 5.0% to 20.0% driven by marketing, innovation, and distribution into new markets as well as expansion across key regions.
  • Strategic Partners segment revenue growth of 15.0% to 20.0%, reflecting pricing to maintain existing margin structure and program changes with existing customers.

The outlook for Adjusted EBITDA growth and Adjusted diluted earnings per share reflect the following assumptions:

  • Gross profit margin to remain consistent with the prior year as the expected decline in Jamieson Brands margins is offset by favourable customer and program mix impacting Strategic Partners. Jamieson Brands margins will be approximately 100 basis points lower impacted by the full year inclusion of youtheory and the transition to an owned distribution model in China;
  • Normalized SG&A including marketing expenses are expected to increase 35.0% to 40.0% based on the acquisition of youtheory and an accelerated investment in marketing, resources and infrastructure to support long-term growth opportunities in the United States and in China;
  • Based on the resource and marketing investments being made to drive long term growth, adjusted EBITDA margins are expected to decline by 175 basis points in 2023. The decline includes the margin profile of the acquired businesses and proportionate revenue growth within Strategic Partners;
  • Interest expense of $17.5 to $18.5 million reflecting incremental debt to fund the acquisition and higher prevailing interest rates.

For additional details on the Company’s fiscal 2023 outlook, including guidance for the first quarter of 2023, refer to the “Outlook” section in the management’s discussion and analysis of financial condition and results of operations (“2022 MD&A”) for the three and twelve months ended December 31, 2022.

Declaration of Fourth Quarter Dividend

The board of directors of the Company authorized and declared a cash dividend for the fourth quarter of 2022 of $0.17 per common share, or approximately $7.1 million in the aggregate. The dividend will be paid on March 15, 2023 to all common shareholders of record at the close of business on March 3, 2023. The Company has designated this dividend as an “eligible dividend” for the Income Tax Act (Canada) purposes.

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