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Organic in France is booming but aid cuts for farmers causing concern

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The sector had a turnover of €13.2billion in 2020, up 10.4% in 2019, new figures from official organic promotion agency Agence Bio show.

The organic sector boomed last year, with people cooking at home due to lockdown, the closure of restaurants and more farm shopping.

Beer and frozen goods were among the fastest-growing areas as more people turned to organic food for everyday items.

However, all is not rosy, with farmers unhappy over France’s decision to cut maintenance aid to existing organic farmers and divert funds to those converting their land to organic.

This involves EU money under the next phase of the Common Agricultural Policy (PAC) funding, from 2023.

President of the FNAB organic farmers’ union Philippe Camburet said countries will now have more power to decide how to allocate aid and France’s plan is “unacceptable”.

He said the farmers provide continuing benefits to the environment, so expect ongoing help, as costs compared to conventional methods are otherwise too high to make it worthwhile.“The yield is less and we can’t make customers pay in full, as the price would be twice that of non-organic food,” he said.

He said public consultation is expected in September before the final plan is sent to the EU at the end of the year.

Buying direct boosts the number of organic farms
More people are going bio, partly linked to the growing number of organic farms, and many offering direct sales.

With almost 10% of France’s total farm area organic, and 6% of the annual shopping budget, it is much more mainstream than it was 10 years ago.

It still falls short of what those in the organic and green movements would prefer, but France’s total bio land use is around average for the EU, and significantly more than the UK, which was 2.8% last year.

Laure Verdeau, director of official organic promotion agency Agence Bio, said France is able to meet its demands in organic milk, meat, poultry, eggs and wine.

“We import 33% of our organic food but half of that is produce that cannot be grown here,” she said.

“The pandemic was a factor in people changing buying habits in 2020, shopping more locally and more organic.

“The number of organic farms is growing and is now about 50,000, and people are going directly to get products.”

She said this increasing number of organic farms is a better measure of success than the total area of bio farmland.

However, Loïc Madeline, secretary of organic farmers’ federation FNAB, said the change was slower than hoped for. “Most farmers are old and it is hard to make a big change, though younger ones are coming in and are more open.

Loïc Madeline joined a nationwide naked protest on planned cuts in organic aid

“The number of organic farms is rising but many are small, with 17,000 under 20 hectares.

“However, they are also ‘local’ to more people as a result.

“People do around 55% of their organic shopping in supermarkets but a third is in specialist shops and the rest directly from the farm.” Mr Madeline said a key aim now is to convert larger farms.

“Each hectare that switches to organic protects our water, limits people’s exposure to pesticides, keeps our eco-system healthy and preserves farmers’ health. Europe’s aim is to protect biodiversity and bio helps.”

He said he was very disappointed that France was cutting Common Agricultural Policy aid, saying farmers needed help both during and after the change.

He added: “Money is being paid to prepare the processing industry for organic – but without farmers, there is nothing to work with.”

The CNRS national research body recently produced a study showing how organic agriculture could form the basis of a more “balanced cohabitation between agriculture and the environment” by 2050, though it said some habits would have to change, notably less consumption of animal products.

Sébastien Loctin of Biofuture, which groups several organic firms, is calling for labelling rules to be reversed so there is a ‘chemically produced label on non-organic food and no specific label on organic food as it should be the norm.

Mydecine Reports Second Quarter 2021 Financial Results and Provides Business Update

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Mydecine Innovations Group an emerging biopharma and life sciences company committed to the research, development, and acceptance of alternative nature-sourced medicine for mainstream use, today reported its financial results for the second quarter ended June 30, 2021, and provided a business update.

“Mydecine has continued to make groundbreaking progress and novel discoveries in its psilocybin compound research and psychedelic-assisted drug development in the second quarter of 2021. We identified our four novel lead drug candidates in preparation for Pre-Investigational New Drug Application (Pre-IND) meetings with the U.S. Food and Drug Administration (FDA) and Health Canada. As well as discovering over 40 potential pharmacologically active novel compounds in mushrooms, demonstrating the continued success of our integrated research and cultivation facilities as we build today’s most advanced and extensive portfolio of psychedelic-assisted therapeutics,” stated Joshua Bartch, CEO of Mydecine.

“We have also significantly leveraged our partnerships with research institutions to drive the evolution of the drug discovery process and partnered with the University of Alberta to initiate a next-generation AI-assisted drug discovery program. We are focused on expanding into more technological end-to-end treatments and launched Mindleap 2.0 in July to support the widespread adoption and normalization of psychedelic-based integration with mental health. Our recent milestones exhibit revolutionary potential with layering applications of first and second-generation therapeutics,” concluded Mr. Bartch.

Business Highlights During and Subsequent to the Second Quarter 2021

Groundbreaking Progress in Clinical Trials and Research

Identified its four lead novel drug candidates that are unique and patentable in advance of upcoming pre-IND meetings with the FDA and Health Canada to prepare for human clinical trials.

Discovered over 40 compounds with pharmacological potential in mushrooms, increasing the ability to discover new compounds and test for efficacy and manufacturing for clinical research.

Selected substance use disorder and smoking cessation as the initial target indications for its psychedelic molecule MYCO-004.

Unique Partner Relationships

Established partnership with LeadGen Labs to support its novel psychedelic drug development efforts and target novel molecular entities and enhanced formulations, including effective dosages and safety.

Launched its in-silico drug discovery program in conjunction with researchers at the University of Alberta to develop artificial intelligence/machine learning (AI/ML) supported drug screenings, including both the ability to build drugs from the receptor up and assess drugs around the receptors.

Strengthened Licensing Rights and IP Portfolio

Received Health Canada approval to expand its cultivation capabilities for psilocybin producing mushrooms at its current good manufacturing practice (cGMP) facility, the Applied Pharmaceutical Innovation in Canada.

Filed a new patent for MDMA-like compounds further expanding its drug development program to include the improvement of entactogenic compounds.

Enhanced Technology Platform

Launched Mindleap 2.0 version of Mindleap Health’s virtual health platform to provide the infrastructure to support the conscious and trustworthy adoption of psychedelics into the broader categories of mental health and inner wellness.

Financial Results for the Second Quarter 2021

Net Loss: Net loss attributable to common stockholders was $3.8 million for the second quarter 2021, or a basic and diluted loss per share attributable to common stockholders of $0.02, as compared to a net loss attributable to common stockholders of $4.6 million for the second quarter 2020, or a basic and diluted loss per share attributable to common stockholders of $0.05.

Cash Position: As of June 30, 2021, the Company had cash and cash equivalents of $7.0 million.

Intravenous Vitamin Therapy as a Tool to Boost Your Immune System with Focus on Health

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4everYoung, a renowned preventative health facility among the 250 most prominent allergan centers in the world, turns to intravenous vitamin therapy as an important tool to stimulate the immune system and optimize overall health and well-being
 
As health takes center stage, everyone does their best to protect themselves and strengthen their immune systems. Taking supplements and following a balanced diet are important parts of the equation to achieving optimal health but intravenous vitamin therapy — popularly known as IV therapy — can also serve as a powerful reinforcement, providing for a faster and more effective immune system boost.
 
Despite having been in existence since the 1970s, IV therapy has recently enjoyed a spike in popularity –especially among A-list celebrities and athletes, who rely on it as a sure-fire way to obtain all the health benefits and vitamins necessary to help them combat ailments as well as to feel their best as they cope with the pandemic. However, it’s important to note that IV therapy is not exclusive to celebrities and being a star is not a requirement to receive this type of treatment.

There are several types of intravenous vitamin therapies and vitamin injections to choose from. The ones containing a large assortment of vitamins necessary to combat the flu are in the highest demand. These are the ones containing Vitamin C, D, Zinc, and Vitamin B12 – all of which are vitamins known to play an essential role in assisting the body in its production of red blood cells and common immune system boosters.

“The benefit of this [IV therapy] is that by intravenously or intramuscularly administering vitamins, you are able to absorb 100 percent of what is being put in versus supplements which must be broken down. The therapy itself only takes about 30 minutes to an hour and is monitored. Once the infusion is finished, the IV is removed and the person who received the treatment is free to go home without restrictions,” Itza Marie, an Advanced Registered Nurse Practitioner at 4everYoung Aventura, said.

Intravenous vitamin therapy has proven helpful in the treatment of several different conditions that affect not only the immune system but other parts of the body as well. Some of the ailments of this type of therapy can help with constant fatigue, headaches, “brain fog” dry or tired-looking skin, dehydration or frequent illness.

For years, people have turned to Vitamin C pills or multivitamins to help boost their immune systems. But with IV therapy, the options are endless. The team at 4everYoung Aventura specializes in vitamin cocktail infusions, each designed with a specific therapy in mind and of which the 4everYoung vitamin cocktail is the most requested thanks to its antioxidant and immune system boosting properties.

If you’re looking to strengthen your body and give your immune system a boost, intravenous IV therapy is the best option to do so, quickly and effectively.

New Study Rebuts “Fast Carbs Make You Fat” Claim

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In-depth analysis shows dietary glycemic index is not a determinant of weight gain or loss

A study recently published in Advances in Nutrition, a peer-reviewed nutrition journal from the American Society for Nutrition, concludes that high-glycemic (high-GI) foods (often called “fast carbs”) are no more likely than low-GI foods (often called “slow carbs”) to lead to weight gain – and no less likely to lead to diet-induced weight loss.

Undertaken to assess the hypothesis that high-GI foods promote fat storage and increase the risk of obesity by causing a rapid increase in blood sugar and insulin secretion and that low-GI foods do the opposite, the comprehensive study analyzed data on 43 cohorts from 34 publications (comprising nearly two million adults) to assess if dietary glycemic index impacts body weight.

“This study is the first to definitively demonstrate that fast carbs do not make you fat,” says study co-author Glenn Gaesser, Ph.D., professor of exercise science in the College of Health Solutions at Arizona State University. “Contrary to popular belief, those who consume a diet of high-GI foods are no more likely to be obese or gain weight than those who consume a diet of low-GI foods. Furthermore, they are no less likely to lose weight.”

In the simplest terms, the study’s overarching conclusion was that “GI, as a measure of carbohydrate quality, appears to be relatively unimportant as a determinant of BMI or diet-induced weight loss.”

More specifically:

In the 27 cohort studies that reported results of statistical comparisons, 70% showed that BMI was either not different between the highest and lowest dietary GI groups (12 of 27 cohorts) or that BMI was lower in the highest dietary GI group (7 of 27 cohorts).

Results of 30 meta-analyses of RCTs from 8 publications demonstrated that low-GI diets were generally no better than high-GI diets for reducing body weight or body fat.

Although low-GI diets with a dietary GI at least 20 units lower than the comparison diet resulted in greater weight loss in adults with normal glucose tolerance, it did not do so in adults with impaired glucose tolerance.

Taking a broad look at the data, co-authors Julie Miller Jones, Ph.D., LN, CNS, and Siddhartha Angadi, Ph.D., highlights the key takeaways for consumers in the context of ever-evolving nutrition research.

“The review questions the premise that low-GI diets lead to substantially better weight control outcomes and reminds us of the many other qualities of carbohydrates that are far more important to consider: for example, nutrient density, dietary fibre and whole grain content, and percentage of added sugar,” says Angadi.

According to the authors, the study also highlights the need for both researchers and nutrition communicators to be mindful of the many positive nutrients that staple carbohydrate foods contribute to diet quality, as well as the detractor nutrients that indulgent foods often contain when characterizing or communicating the quality of carbohydrates.

“The key takeaway is that carbohydrates, regardless of type, can be part of a healthy diet and have a place on a healthy plate,” says Miller-Jones. “Over the past few decades, we’ve seen the blanket vilification of carbs, processed foods, and foods made with refined grains. Science has shown that these foods in the right balance can be part of a dietary pattern that can promote a healthy weight and reduce disease risk. The truth is that eating a wide variety of carbohydrates, from fast-carb white bread to slow-carb bran flakes and pairing them with smart choices from all the food groups can provide the nutritional benefits that healthy carbs, especially whole and enriched grain staples. foods can offer.”

Canada’s largest grocers recognize changing buying practices as pandemic restrictions ease

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Financial results from Canada’s three largest grocers offered a clearer picture of how the COVID-19 crisis has shaped shopping habits – and how consumers respond when public health restrictions are eased.

Metro Inc.’s third-quarter earnings, reported Wednesday, largely mirrored results posted earlier this summer by competitors Empire Co. Ltd. and Loblaw Companies Ltd.

At the onset of the pandemic, all three saw sales soar as shoppers stockpiled everything prompting shortages of things like flour and toilet paper. Many Canadians also opted for conventional full-service grocery stores rather than discount supermarkets and bought more items per visit as part of a one-stop-shop effort to reduce their grocery trips.

But the opposite trend is now emerging as the vaccine rollout continues and COVID-19 infections drop.

Metro, Loblaw and Empire all noted an increase in traffic in their stores in recent quarters, but smaller basket sizes and more muted sales, an indication that people are shopping around more and potentially spending more at restaurants.

They also noted a gradual return to discount grocery stores as an increasing number of shoppers sought out promotions over simply convenience.

“Consumers are shopping around a little more with the easing of restrictions,” Metro President and CEO Eric La Fleche said during a conference call.

“We’re seeing a gradual shift to more normal pre-pandemic behaviour,” he said. “The discount channel, in general, is benefiting from that versus conventional (stores), which had a big uplift during the pandemic.

The Montreal-based grocery and drugstore retailer, which operates under numerous banners including Metro, Super C and Food Basics, said Wednesday its food same-store sales were down 3.6 percent in its third-quarter compared with last year.

Empire, which owns Sobeys, Safeway and FreshCo, reported similar results in June, noting its same-store sales slid 4.5 percent while Loblaw, behind store chains like Zehrs, Provigo and No Frills, said its food same-store sales declined 0.1 percent.

La Fleche with Metro said he expects food sales will remain soft this fall.

“While we can’t predict exactly how the pandemic will evolve, we expect our food sales to decline in (the fourth quarter) versus last year’s high levels, but to compare favourably to fiscal 2019,” he said.

But Metro hopes to make up some ground through its drugstore division, which includes Jean Coutu and Brunet.

“We expect continued growth from prescriptions,” La Fleche said. “The easing of restrictions will have a positive impact on certain categories that were negatively affected by the pandemic such as beauty, cosmetics, and cold and flu products.”

Meanwhile, the grocer is also expecting to see some inflationary pressure from the higher cost of goods, transportation and labour.

“I would expect some inflation to be reflected at retail in a more pronounced way this fall,” La Fleche said. “But we will have to wait and see. We fully intend to remain competitive.”

Metro said it earned $252.4 million in its latest quarter, down from $263.5 million the year before.

The company said its profit amounted to $1.03 per diluted share for the 16-week period ended July 3, down from $1.04 per diluted share a year ago.

Sales in what was the company’s third-quarter were $5.72 billion, down from $5.84 billion last year.

COVID-19 related expenses for the quarter totalled $38 million compared with $107 million in the same quarter last year.

Originally published on BNN Bloomberg

Summer time turned out to be an action-packed season for Google

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This summer season noticed SEOs scrambling to maintain up with a collection of updates rolled out by Google which have been particularly core, web page expertise, and spam. Certainly each digital marketer is nonetheless attempting to determine the precise reason behind the change in rankings.
Whereas the rolling out of the core replace completed on twelfth June, Google began rolling out the web page expertise replace proper on its heels, on fifteenth June. This roll-out is anticipated to go on proper till the tip of August. Additionally, Google went on to roll out a two-part spam replace – half one of many replace started on twenty third June, and half two started on twenty eighth June.
What These Updates Signify

The web page expertise replace has so much to do with HTTPS and metrics equivalent to velocity, responsiveness, and core net vitals. When you want to see how this replace might have an effect on your website, the up to date structure is stay in all of the testing instruments and Google Search Console. Nevertheless, you have to remember that the Search Console information is delayed, as it’s based mostly on the CrUX (Chrome UX Report) information aggregated over the previous 28 days.

As this roll-out goes to final months, chances are high you could not see any drastic shift in a website’s visibility. This could provide the time to work in your website’s metrics in order that its efficiency meets your expectations.

Not like core and web page expertise updates, spam updates start and finish on the identical day, which implies your web site rankings could also be impacted nearly instantly. Therefore, if an internet site noticed any adjustments in rankings on the times when this two-part replace rolled out, you recognize what might have triggered it.

That stated, none of our web sites skilled any main shift in rankings.

Last Takeaway

Though there’s quite a lot of speak round these updates, it’s nonetheless too early to know precisely how they’ll have an effect on website rankings. As for the spam updates, the SEOs don’t appear to be too impressed and really feel that too many spam websites are nonetheless being ranke.

Rexall Celebrates Great Place to Work® Certification

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“It brings me an immense sense of pride for Rexall to be recognized with the Great Place to Work® Certification,” said Nicolas Caprio, President, Rexall. “Every day, our dedicated, passionate and caring team members are encouraged to bring their authentic selves to work. Today’s designation proves to myself and our leadership team that we are successful in creating a culture where our employees feel valued, recognized and supported in attaining their true potential.”

This latest recognition is part of a series of designations that highlight Rexall as a world-class employer that empowers and celebrates its employees, including the 2021 Innovative HR Award, the 2021 Forbes Canada’s Best Employer award and the 2020 Canadian HR Team of the Year Gold Winner award. And, for the fourth consecutive year, Rexall private label products have been recognized for the Retail Council of Canada Grand Prix New Product Awards. Rexall’s commitment to being the best place to work is driven by our ICARE values of Integrity, Customer-First, Accountability, Respect and Excellence.

Nancy Fonseca, Senior Vice President of Great Place to Work® Canada, says that a great workplace is about the level of trust that employees experience in their leaders, the level of pride they have in their jobs, and the extent to which they enjoy their colleagues. “Our data shows that great workplaces benefit from stronger financial performance, reduced turnover, and better customer satisfaction than their peers. What’s more, work environments with trust at the foundation are ripe for innovation, agility, resilience and efficiency,” Fonseca said.

At Rexall, our corporate and store teams unite, collaborate, and proudly execute our shared mission every day. We’re not only a health and wellness destination for Canadians, we’re a talent destination for the best and brightest in the business. We’re proud of our Canadian roots, which date back to 1904, and are equally as proud of who we are today: entrepreneurially-minded, agile, and passionate about evolving the business we have grown and love dearly.

Honibe facility expansion is a big win for the region

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Island Abbey Foods, owners of the Honibe® brand, hosted local, provincial and federal officials, members of the media, representatives from the business community and other invited guests for a milestone groundbreaking ceremony to celebrate the expansion of their local Island Abbey Foods facility.

Home to the company’s honey-based specialty health products, the event featured speeches and appearances by Honibe executives and Prince Edward Island dignitaries such as Zach Bell representing the province, MP Sean Casey from the federal government, Jamie Aiken, CEO of Finance PEI, Stephanie Corbett CEO of Innovation PEI, and Wade Arsenault, CEO of CADC.

“Over the last fifteen years Island Abbey Foods has firmly established itself as an anchor of Prince Edward Island’s fast-growing bioscience sector,” said Premier Dennis King. “This new expansion will further that growth, creating new high skill and high paying career opportunities here at home”

Honibe is known for adult and child-friendly over-the-counter offerings, including lozenges, gummy vitamins and their recent addition, HoneyPops ¾ all made using natural ingredients with Canadian honey at the forefront.

“The new facility will accommodate the growth in our gummy production,” said Scott Spencer, COO at Honibe. “We’re adding another 30K square feet of facility space at our current location to accommodate our growing need for production, warehouse, and office spaces. With the expansion, we will be able to produce 50M bottles per year, 5X our current capacity.”

Honibe attributes the growth of its brand to its products’ unique properties and the proprietary technology of turning liquid honey into solid form without losing its nutritional benefits.

“Most gummies are made with sugar, but at Island Abbey Foods, we use honey as the foundation of our Honibe products. Sugar has no benefits to the health of the human body, whereas honey has natural benefits such as antioxidants, antimicrobials and a lower glycemic index. So when you buy a bottle of Honibe gummies, you’re not just getting what’s on the label, you’re getting all the benefits of honey too.”

Scott believes an increase in advertising and further investment in a digital presence will help Honibe continue to resonate with consumers — especially those caring for children and older adults — who want better products than those comprised mostly of sugar.

Government of Canada announces $100 million in AgriRecovery funding to further support farmers facing continued extreme weather

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The Minister of Agriculture and Agri-Food, the Honourable Marie-Claude Bibeau, announced that the Government of Canada is making available $100 million through the AgriRecovery Framework to address the immediate extraordinary costs faced by producers due to the drought and wildfires. This funding is designed to match all provincial AgriRecovery submissions on the 60-40 cost-shared basis outlined under the Canadian Agricultural Partnership. By making funding available now, producers can be assured that they will receive assistance as soon as full assessments are completed.

The Government of Canada is working around the clock to help the governments of Manitoba, Ontario, Saskatchewan, Alberta and British Columbia complete the assessments of the disaster and examine how AgriRecovery can help respond. Once these assessments are completed, the Government of Canada will expedite work to finalize an agreement with each province on support programs. The Government of Canada is open to submissions that include direct assistance to livestock producers for added costs of obtaining livestock feed, transportation and water.

Minister Bibeau also announced that Manitoba is invoking the late participation provision of AgriStability. Provinces affected by drought are encouraged to invoke this provision to allow producers who did not enroll to access program support. Producers can also apply for interim payments under AgriStability, which can help cope with immediate financial challenges. To date, the Government of Canada and the governments of Saskatchewan, Alberta and Manitoba have agreed to increase the 2021 AgriStability interim benefit payment percentage from 50% to 75%, so producers can access a greater portion of their benefit when needed most. Minister Bibeau repeated the Government of Canada’s offer to provinces to raise the AgriStability compensation rate from 70% to 80%. This would provide farmers across the country an additional $75 million per year, benefitting distressed farmers who need help now more than ever.

Minister Bibeau also announced the designation for Livestock Tax Deferral of additional prescribed drought regions in British Columbia, Alberta, Saskatchewan and Ontario. This adds to the list of prescribed drought regions across Canada announced on July 22, 2021. The designation will allow beef producers who are forced to sell a significant amount of their breeding herd due to drought conditions to offset the resulting revenues with the costs to replace the herd.

AgriInsurance helps producers manage production and quality losses caused by these adverse weather conditions, including drought. Minister Bibeau highlighted the federal support to all Prairie provinces for immediate bilateral adjustments to the cost-shared AgriInsurance program to make drought-damaged crops available for feed. These measures will increase the number of crops available for livestock producers in this time of need.

The Government of Canada stands with farm families during this difficult time and is listening to their needs and taking action to respond.

Quotes

“There are a lot of farm families across the West and in parts of Ontario who are making tough decisions in a difficult situation. Our Government is working closely with our provincial partners to provide timely support to producers in need. Today we are announcing $100 million to add to provincial AgriRecovery initiatives, ready to be delivered as quickly as we can turn around provincial submissions, and ready to seek further funding for requests exceeding this amount. We will continue to support farm families to get them through the challenges we face today, and position them for a sustainable future since we know climate change will continue to pose challenges.”

The Honourable Marie-Claude Bibeau, Minister of Agriculture and Agri-Food

“Severe drought conditions sustained high temperatures, and wildfires continue to create stress and uncertainty for our producers. That is why the Government of Canada is taking action to secure funding under AgriRecovery, to ensure continuous support is provided to farmers as quickly as possible.”

The Honourable Jim Carr, Minister and Special Representative for the Prairies and Member of Parliament for Winnipeg South Centre

Quick Facts

AgriRecovery responses that exceed $60 million in total federal budget require additional program authorities. The Prime Minister has authorized access to the $100 million announced today, and this funding will complement the $25 million in COVID-19 support estimated for 2021-2022, primarily targeted towards the livestock sector in Canada.
Producers have access to a suite of Business Risk Management (BRM) programs to help them manage significant risks that threaten the viability of their farm and are beyond their capacity to manage.

On July 22, Minister Bibeau visited Manitoba’s Interlake Region, where she met with drought-impacted farmers to see first-hand how drought conditions are creating crop losses, affecting crop quality, and reducing forage and water supplies available to livestock.
AgriRecovery is a federal-provincial-territorial disaster relief framework intended to work together with the core BRM programs to help agricultural producers recover from natural disasters. AgriRecovery helps with the extraordinary costs associated with recovering from disaster events.

AgriStability is one of the BRM programs under the Canadian Agricultural Partnership. It protects Canadian producers against large declines in farming income for reasons such as production loss, increased costs and market conditions. While the deadline to enroll for the 2021 program year has passed, provinces may request late participation to make the program available to other producers during a crisis situation.

An interim payment under AgriStability is based on estimates of a participant’s program year production margin and reference margin. To receive an interim payment, the participant’s estimated production margin must decline by more than 30% of their estimated reference margin. Participants can apply for an interim payment to access program funds early. Provincial governments can request that the interim payment percentage be increased from 50% to 75%.
The Livestock Tax Deferral provision allows livestock producers in these regions who reduced their breeding herds by at least 15% due to drought or flooding, to defer a portion of their 2021 income from sales until the 2022 tax year, when the income may be at least partially offset by the cost of reacquiring breeding animals, which may reduce their potential tax burden. Eligible regions are identified based on weather, climate and production data, in consultation with industry and provinces. The criteria for identifying regions for Livestock Tax Deferral is forage shortfalls of 50% or more caused by drought or excess moisture. Agriculture and Agri-Food Canada officials continue to monitor weather, climate and production data from across Canada and will add regions if they meet the eligibility criteria. When prescribed regions are identified, the list is announced publicly and posted to this web page.
AgriInvest is a self-managed producer-government savings account designed to help producers manage small income declines and make investments to manage risk and improve market income. Canadian agricultural producers can access the funds in their AgriInvest accounts at any time.

During a crisis such as this, farmers facing the stress and uncertainty of providing for their families may suffer serious mental health impacts. Those needing help are encouraged to reach out for support and can contact The Do More Ag Foundation, a not-for-profit organization focusing on mental health in agriculture across Canada.

Metro announced its results for the third quarter of fiscal 2021 ended July 3, 2021

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2021 THIRD QUARTER HIGHLIGHTS

  • Sales of $5,719.8 million, down 2.0%, and up 9.4% vs 2019
  • Food same-store sales down 3.6%, and up 11.4% vs 2019
  • Pharmacy same-store sales up 7.6%, and up 8.6% vs 2019
  • Net earnings of $252.4 million, down 4.2% and adjusted net earnings(1) of $261.2 million, down 4.1%
  • Fully diluted net earnings per share of $1.03, down 1.0%, and adjusted fully diluted net earnings per share(1) of $1.06, down 1.9%
  • Expenses related to COVID-19 totalling $38 million, including $8 million of gift cards to front-line employees
  • Transition to new Ontario fresh distribution center completed, adding $8 million of non-recurring costs

PRESIDENT’S MESSAGE

“We are pleased with the solid results of our third quarter considering we cycled exceptionally strong sales and earnings last year at the height of the pandemic. Our sales and earnings growth over 2019 levels is strong. Despite the challenging operating environment caused by the pandemic, our teams successfully completed three key strategic initiatives during the quarter: the transition to our new automated Fresh distribution center in Toronto; the integration of our pharmacy distribution operations into the Jean Coutu distribution center in Varennes; and the opening of our dedicated store for online grocery in Montréal. These achievements position us well to meet our growth objectives going forward“, declared Eric La Flèche, President and Chief Executive Officer.

OPERATING RESULTS

SALES

Sales in the third quarter of Fiscal 2021 remained strong, reaching $5,719.8 million, down 2.0% compared to $5,835.2 million in the third quarter of 2020 as we cycled the peak sales experienced at the start of the pandemic but up 9.4% over two years. Food same-store sales were down 3.6% versus the same quarter last year (up 15.6% in 2020) but increased 11.4% compared to the third quarter of 2019. Online food sales increased by 19% versus last year (about 300% in 2020). Our food basket inflation was approximately 1.0% (3.0% in 2020). Pharmacy same-store sales were up 7.6% (1.0% in 2020), with a 9.3% increase in prescription drugs and a 3.8% increase in front-store sales.

Sales in the first 40 weeks of Fiscal 2021 totalled $14,191.0 million, up 2.4% compared to $13,853.9 million for the corresponding period of 2020.

OPERATING INCOME BEFORE DEPRECIATION AND AMORTIZATION

This earnings measurement excludes financial costs, taxes, depreciation and amortization.

Operating income before depreciation and amortization for the third quarter of Fiscal 2021 totalled $533.6 million, or 9.3% of sales, down 1.7% versus the corresponding quarter of last year.

Operating income before depreciation and amortization for the first 40 weeks of Fiscal 2021 totalled $1,328.9 million or 9.4% of sales, up 3.8% versus the corresponding period of 2020. During the first 40 weeks of Fiscal 2020, we recognized a loss of $7.5 million on disposal of our meal-kit subsidiary. Excluding this item, adjusted operating income before depreciation and amortization(2) for the first 40 weeks of Fiscal 2021 increased by 3.2% versus the corresponding period of 2020.

Operating income before depreciation and amortization adjustments (OI)(2)

Gross margin on sales for the third quarter and the first 40 weeks of Fiscal 2021 were 19.8% and 19.9% respectively, versus 20.0% and 19.8% for the corresponding periods of 2020.

Operating expenses as a percentage of sales for the third quarter of Fiscal 2021 were 10.5% versus 10.7% for the corresponding quarter of 2020. COVID-19 related expenses for the third quarter of Fiscal 2021 were approximately $38 million, including $8 million of gift cards to front-line employees, versus approximately $107 million in the same quarter last year. This decrease of $69 million was partly offset by an increase in other operating expenses, mainly related to activities and services that have been reinstated after initially being halted at the start of the pandemic, and non-recurring costs of approximately $8 million related to the transition to our new fresh distribution center in Ontario.

For the first 40 weeks of Fiscal 2021, operating expenses as a percentage of sales were 10.5% versus 10.6% (10.5% excluding the loss on disposal of our meal-kit subsidiary) for the corresponding period of 2020. The costs related to COVID-19 for the first 40 weeks of Fiscal 2021 were approximately $95 million, including $24 million of gift cards to front-line employees, compared to $110 million in 2020.

DEPRECIATION AND AMORTIZATION AND NET FINANCIAL COSTS

Total depreciation and amortization expense for the third quarter of Fiscal 2021 was $149.4 million versus $140.5 million for the corresponding quarter of 2020. For the first 40 weeks of Fiscal 2021, total depreciation and amortization expense was $367.5 million versus $344.0 million for the corresponding period of 2020. These increases reflect the additional investments in supply chain and logistics as well as in-store technology.

Net financial costs for the third quarter of Fiscal 2021 were $42.1 million compared with $43.0 million for the corresponding quarter of 2020. For the first 40 weeks of Fiscal 2021, net financial costs were $104.8 million compared with $106.0 million for the corresponding period of 2020.

INCOME TAXES

The income tax expense of $89.7 million for the third quarter of Fiscal 2021 represented an effective tax rate of 26.2% compared with an income tax expense of $95.9 million in the third quarter of Fiscal 2020 which represented an effective tax rate of 26.7%. The 40-week period income tax expense of $224.9 million for Fiscal 2021 and $220.2 million for Fiscal 2020 represented an effective tax rate of 26.3% and 26.5% respectively.

NET EARNINGS AND ADJUSTED NET EARNINGS(1)

Net earnings for the third quarter of Fiscal 2021 were $252.4 million compared with $263.5 million for the corresponding quarter of 2020, while fully diluted net earnings per share were $1.03 compared with $1.04 in 2020, down 4.2% and 1.0%, respectively but up 13.5% and 19.8% respectively on a two-year basis. Excluding the specific items shown in the table below, adjusted net earnings(1) for the third quarter of Fiscal 2021 totalled $261.2 million compared with $272.3 million for the corresponding quarter of 2020, and adjusted fully diluted net earnings per share(1) amounted to $1.06 versus $1.08, down 4.1% and 1.9%, respectively but up 13.4% and 17.8% respectively over two years.

Net earnings for the first 40 weeks of Fiscal 2021 were $631.7 million compared with $609.9 million for the corresponding period of 2020, while fully diluted net earnings per share were $2.54 compared with $2.40 in 2020, up 3.6% and 5.8%, respectively. Excluding the specific items shown in the table below, adjusted net earnings(1) for the first 40 weeks of Fiscal 2021 totalled $653.6 million compared with $636.0 million for the corresponding period of 2020, and adjusted fully diluted net earnings per share(1) amounted to $2.63 versus $2.50, up 2.8% and 5.2%, respectively. The impact of the labour conflict at the Jean Coutu distribution center in the first quarter of Fiscal 2021, was approximately $0.05 per share.

Net earnings adjustments(1)

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