Dairy giant
"It’s clear we're still facing considerable headwinds,"
"We continue to feel the lingering disruptions of the pandemic and with economies reopening, we're particularly challenged with access to labour, supply chain difficulties and inflationary pressures."
Saputo earned
The results underscore the challenges of operating with supply chain bottlenecks and labour issues, which the company said has put pressure on its ability to meet demand.
The dairy processor also indicated it could take at least another 12 months before the availability of labour, particularly in
Meanwhile, Saputo has ushered in price increases to cope with inflation, yet those higher prices are failing to keep up with rising costs.
"Pricing initiatives undertaken during the quarter lagged rising costs, which continue to increase," Saputo chief financial officer
"The rollout of our pricing initiative will continue to be implemented ... which should further offset some of the cost pressure we are experiencing."
The company said higher costs, including overtime wages, transportation, fuel, consumables and packaging, are expected to remain at elevated levels.
Meanwhile, Saputo's adjusted profits dropped 37 per cent to
That equalled to
Revenues remained stable at
This report by
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