Latest news with #Dole
Yahoo
3 days ago
- Business
- Yahoo
That's bananas! Why it might be harder or pricier to find some brands in grocery stores
Potential price hikes at the grocery store unrelated to tariffs or even inflation? In this economy? Yes, it's bananas. No, literally: this story is about bananas. Fruit giant Chiquita is one of the top brands leading the global banana industry, and its bananas are sold in 47 countries, including Canada, according to its most recent sustainability report. And Canada maintains a steady import supply of the popular and generally affordable fruit, according to Statistics Canada. But now, a labour dispute at Chiquita's Panama location could potentially mean fewer bananas and higher prices at the grocery store. Experts say it highlights the fragility of the global supply chain and how global events can affect what is available at your local stores. Chiquita is the largest supplier of bananas to the U.S., and Panama is the largest banana-producing country, so there will be an increased demand in the U.S. for other banana sources such as Dole, said Michael von Massow, a professor of food agriculture and resource economics at the University of Guelph in Ontario. "It could mean fewer bananas in Canada, which could raise the price," von Massow told CBC News. Imported bananas are generally ripened in Canadian distribution centres, which means the situation in Panama won't affect inventory right away, von Massow explained. "But it could be relatively quickly that we start to feel the impact of the removal of those bananas from the marketplace." WATCH | Canadian food prices spike: Chiquita fires Panama staff amid strikes On Monday, Panama's labour minister said Chiquita Panama's administrative staff have left the country and the firm will seek authorization from the government to fire its remaining personnel in Panama. Last month, the company fired about 5,000 of its approximately 6,500 employees in the country in response to a strike at its banana farms that began in April. Thousands of banana workers have gone on strike as part of a broader strike action across Panama. Protests and roadblocks have stretched across the country as workers, including teachers, construction workers and other unions march to protest several issues including a social security reform they say will affect their future pensions. Panamanian President Jose Raul Mulino called the strike illegal and illegitimate. In late May, Chiquita Panama estimated its losses from the strikes at around $75 million US. Unions and NGOs have decried the firings. On Friday, Washington-based NGO Global Labor Justice called on Chiquita to "immediately reinstate" its farm workers in Panama, calling the move retaliatory. The International Union of Food Workers said it had "grave concerns" about the firings. Still, in terms of the impact on consumers, the banana market isn't monopolized, said Joel Gregoire, associate director of food and drink at Toronto-based market intelligence agency Mintel. Major players like Dole and Del Monte are also in the space. This "makes it difficult to imagine a scenario where Canadian shoppers can't find bananas at all," he told CBC News. "If the labour disruption continues for an extended period, it could create an opportunity for other companies to gain market share in Canada." 'Any disruption' likely to be noticed The COVID-19 pandemic highlighted the fragility of global supply chains for many shoppers, Gregoire explained. Now, with the fluctuating tariff landscape, consumers are once again being reminded of these vulnerabilities, and he says the situation with Chiquita could serve as another (albeit smaller) example. "Bananas are a staple for many households, and any disruption in the supply chain is likely to be noticed, particularly at retailers that rely heavily on Chiquita as a supplier," he said. As Statistics Canada notes, bananas have been generally less expensive compared to other fruit. In April, for instance, the average price for bananas was $1.66 per kilogram. Apples, by comparison, were $5.85 per kilogram, oranges were $4.56, and pears were $5.14. They're also popular. Bananas topped the list of all fresh fruits available for consumption to Canadians in 2023, measured by Agriculture Canada in kilogram per person, making up 21 per cent of the total share of available fruit (followed by melons, apples and oranges). In 2023, bananas were the third-most imported fresh fruit into Canada by commodity, coming in just behind grapes and strawberries. Food analysts were already expecting some long-term disruption to global banana production before Chiquita's labour dispute, von Massow said, pointing to climate change, increased extreme weather and diseases affecting banana crops. "There are a variety of risks in the supply chain, and any one of them can rear their head and cause a short-term disruption." Not just bananas, but coffee, too Meanwhile, another dispute (and another hit to your breakfast) is also highlighting how global events can affect what's available on store shelves. Shoppers at Loblaw Cos. Ltd.'s stores will soon no longer be able to purchase Folgers-brand products after a pricing dispute prompted the grocer to pull them from its shelves. In an email sent to retailers on Wednesday and viewed by The Canadian Press, Loblaw said it decided to delist all Folgers products after talks with the coffee maker's manufacturer couldn't solve the impasse. Folgers is owned by Ohio-based J.M. Smucker Co., which raised the price of its coffee offerings both last June and October in response to higher costs it is facing. In February, the company attributed a small rise in its net sales in the domestic retail coffee segment — its biggest revenue generator — to the higher prices of its Folgers and Café Bustelo coffee brands. President and CEO Mark Smucker told analysts on the company's quarterly earnings call that more coffee price increases were likely on the way. Loblaw spokesperson Catherine Thomas told The Canadian Press that Folgers' proposed cost increases were "unreasonable and unjustified based on underlying costs." She said that Loblaw expects most of its stores to be out of stock of Folgers products over the next week or two. Experts say higher coffee prices are in part due to recent extreme weather and changes in temperature, which have caused some producers to experience lower yields. Gavin Fridell, a professor of global development studies at Saint Mary's University, told CBC News Manitoba last month that coffee prices globally are the highest they've been in over 50 years because of droughts and dry conditions.
CBC
3 days ago
- Business
- CBC
That's bananas! Why it might be harder or pricier to find some brands in grocery stores
Potential price hikes at the grocery store unrelated to tariffs or even inflation? In this economy? Yes, it's bananas. No, literally: this story is about bananas. Fruit giant Chiquita is one of the top brands leading the global banana industry, and its bananas are sold in 47 countries, including Canada, according to its most recent sustainability report. And Canada maintains a steady import supply of the popular and generally affordable fruit, according to Statistics Canada. But now, a labour dispute at Chiquita's Panama location could potentially mean fewer bananas and higher prices at the grocery store. Experts say it highlights the fragility of the global supply chain and how global events can affect what is available at your local stores. Chiquita is the largest supplier of bananas to the U.S., and Panama is the largest banana-producing country, so there will be an increased demand in the U.S. for other banana sources such as Dole, said Michael von Massow, a professor of food agriculture and resource economics at the University of Guelph in Ontario. "It could mean fewer bananas in Canada, which could raise the price," von Massow told CBC News. Imported bananas are generally ripened in Canadian distribution centres, which means the situation in Panama won't affect inventory right away, von Massow explained. "But it could be relatively quickly that we start to feel the impact of the removal of those bananas from the marketplace." WATCH | Canadian food prices spike: Canadian food prices spike as overall inflation dips 17 days ago Duration 2:23 Chiquita fires Panama staff amid strikes On Monday, Panama's labour minister said Chiquita Panama's administrative staff have left the country and the firm will seek authorization from the government to fire its remaining personnel in Panama. Last month, the company fired about 5,000 of its approximately 6,500 employees in the country in response to a strike at its banana farms that began in April. Thousands of banana workers have gone on strike as part of a broader strike action across Panama. Protests and roadblocks have stretched across the country as workers, including teachers, construction workers and other unions march to protest several issues including a social security reform they say will affect their future pensions. Panamanian President Jose Raul Mulino called the strike illegal and illegitimate. In late May, Chiquita Panama estimated its losses from the strikes at around $75 million US. Unions and NGOs have decried the firings. On Friday, Washington-based NGO Global Labor Justice called on Chiquita to "immediately reinstate" its farm workers in Panama, calling the move retaliatory. The International Union of Food Workers said it had "grave concerns" about the firings. Still, in terms of the impact on consumers, the banana market isn't monopolized, said Joel Gregoire, associate director of food and drink at Toronto-based market intelligence agency Mintel. Major players like Dole and Del Monte are also in the space. This "makes it difficult to imagine a scenario where Canadian shoppers can't find bananas at all," he told CBC News. "If the labour disruption continues for an extended period, it could create an opportunity for other companies to gain market share in Canada." 'Any disruption' likely to be noticed The COVID-19 pandemic highlighted the fragility of global supply chains for many shoppers, Gregoire explained. Now, with the fluctuating tariff landscape, consumers are once again being reminded of these vulnerabilities, and he says the situation with Chiquita could serve as another (albeit smaller) example. "Bananas are a staple for many households, and any disruption in the supply chain is likely to be noticed, particularly at retailers that rely heavily on Chiquita as a supplier," he said. As Statistics Canada notes, bananas have been generally less expensive compared to other fruit. In April, for instance, the average price for bananas was $1.66 per kilogram. Apples, by comparison, were $5.85 per kilogram, oranges were $4.56, and pears were $5.14. They're also popular. Bananas topped the list of all fresh fruits available for consumption to Canadians in 2023, measured by Agriculture Canada in kilogram per person, making up 21 per cent of the total share of available fruit (followed by melons, apples and oranges). In 2023, bananas were the third-most imported fresh fruit into Canada by commodity, coming in just behind grapes and strawberries. Food analysts were already expecting some long-term disruption to global banana production before Chiquita's labour dispute, von Massow said, pointing to climate change, increased extreme weather and diseases affecting banana crops. "There are a variety of risks in the supply chain, and any one of them can rear their head and cause a short-term disruption." Not just bananas, but coffee, too Meanwhile, another dispute (and another hit to your breakfast) is also highlighting how global events can affect what's available on store shelves. Shoppers at Loblaw Cos. Ltd.'s stores will soon no longer be able to purchase Folgers-brand products after a pricing dispute prompted the grocer to pull them from its shelves. In an email sent to retailers on Wednesday and viewed by The Canadian Press, Loblaw said it decided to delist all Folgers products after talks with the coffee maker's manufacturer couldn't solve the impasse. Folgers is owned by Ohio-based J.M. Smucker Co., which raised the price of its coffee offerings both last June and October in response to higher costs it is facing. In February, the company attributed a small rise in its net sales in the domestic retail coffee segment — its biggest revenue generator — to the higher prices of its Folgers and Café Bustelo coffee brands. President and CEO Mark Smucker told analysts on the company's quarterly earnings call that more coffee price increases were likely on the way. Loblaw spokesperson Catherine Thomas told The Canadian Press that Folgers' proposed cost increases were "unreasonable and unjustified based on underlying costs." She said that Loblaw expects most of its stores to be out of stock of Folgers products over the next week or two. Experts say higher coffee prices are in part due to recent extreme weather and changes in temperature, which have caused some producers to experience lower yields. Gavin Fridell, a professor of global development studies at Saint Mary's University, told CBC News Manitoba last month that coffee prices globally are the highest they've been in over 50 years because of droughts and dry conditions.
Yahoo
5 days ago
- Business
- Yahoo
DOLE Q1 Earnings Call: Guidance Raised as Diversified Segments Offset Fresh Fruit Headwinds
Fresh produce company Dole (NYSE:DOLE) fell short of the market's revenue expectations in Q1 CY2025, with sales falling 1% year on year to $2.1 billion. Its non-GAAP EPS of $0.35 per share was 10.7% below analysts' consensus estimates. Is now the time to buy DOLE? Find out in our full research report (it's free). Revenue: $2.1 billion (1% year-on-year decline) Adjusted EPS: $0.35 vs analyst expectations of $0.39 (10.7% miss) EBITDA guidance for the full year is $380 million at the midpoint, below analyst estimates of $384.6 million Operating Margin: 3%, in line with the same quarter last year Market Capitalization: $1.34 billion Dole's first quarter performance was shaped by varied dynamics across its core businesses. CEO Rory Byrne noted that both the diversified EMEA and Americas segments saw solid operational results, with strong like-for-like growth helping to counterbalance anticipated challenges in the fresh fruit segment. These challenges stemmed largely from the lingering effects of Tropical Storm Sarah, which raised sourcing and shipping costs. Byrne highlighted, 'Our production and sourcing teams are doing an excellent job mitigating this, and are working diligently to manage the reinvestment and rehabilitation process.' The completion of a major refinancing and the company's first dividend increase since 2021 also featured in management's review of the quarter. Looking ahead, Dole's updated guidance rests on expectations of continued balanced supply and demand in core categories like bananas and pineapples, as well as a potential tailwind from recent currency movements. Management cautioned that short-term risks remain, particularly from external factors such as tariffs, labor markets, and foreign exchange rates. Byrne stated, 'A good start to the year along with our resilient and diverse business model gives us confidence in our ability to navigate the challenges of the current volatile economic environment.' Strategic investments, particularly in automation and rehabilitation of storm-impacted assets, are expected to be partially offset by insurance proceeds. Management attributed the quarter's results to strong operational execution in diversified segments and effective mitigation of fresh fruit sourcing challenges. Key product categories and market dynamics shaped divisional performance across regions. Diversified EMEA outperformance: The EMEA segment (Europe, Middle East, and Africa) delivered strong like-for-like revenue and EBITDA growth, helped by robust demand in the UK, Spain, and the Netherlands. Recent strengthening of the euro is expected to shift from a headwind to a tailwind for future reported results, provided current rates are maintained. Americas segment resilience: Diversified Americas showed double-digit like-for-like EBITDA growth, driven by solid performance in North America (notably kiwis, citrus, and avocados) even as export markets normalized after a strong previous year for Chilean cherries. Management noted that distribution and handling businesses in North America contributed meaningfully to profitability. Fresh fruit cost pressures: The fresh fruit division faced increased sourcing costs and higher shipping expenses due to Tropical Storm Sarah's impact in Honduras and scheduled vessel maintenance. These headwinds were partially offset by higher banana volumes and improved pineapple pricing, but overall margins remained pressured. Strategic capital allocation: Dole completed a $1.2 billion credit facility refinancing, enhancing financial flexibility for growth initiatives. Capital expenditure focused on vessel dry dockings, farming investments, and warehouse efficiency projects, with additional incremental spend targeted at rehabilitating Honduran farms. Dividend policy milestone: The company announced its first dividend increase since 2021, raising the quarterly payout by 6.25%, reflecting management's confidence in long-term business prospects despite ongoing market volatility. Dole's outlook is shaped by expectations for stable demand in core categories, ongoing recovery from storm impacts, and evolving external risks including tariffs and currency movements. Banana and pineapple supply-demand: Management sees balanced supply and demand dynamics for bananas and pineapples, anticipating that this stability will support both volumes and pricing across major markets through the remainder of the year. Currency movements and tariffs: The recent appreciation of the euro against the U.S. dollar may aid reported results if sustained, while management's guidance factors in known U.S. tariffs. However, they emphasized that forecasting remains challenging due to potential volatility in foreign exchange rates and the evolving tariff landscape. Strategic investments and storm recovery: Reinvestment in storm-impacted Honduran farms, supported by insurance, is expected to improve yields and operational resilience. Additional capital allocation toward automation and internal development projects aims to drive productivity and future earnings growth, though timing and returns from these efforts remain subject to execution and external conditions. In the coming quarters, the StockStory team will monitor (1) the pace of recovery and yield improvements in Honduran farms affected by Tropical Storm Sarah, (2) the impact of euro-to-dollar currency movements on reported results, and (3) progress toward a strategic outcome for the fresh vegetables division. Execution on internal automation and development projects will also be important markers for Dole's ability to deliver on its updated guidance. Dole currently trades at a forward P/E ratio of 10.2×. Is the company at an inflection point that warrants a buy or sell? See for yourself in our full research report (it's free). The market surged in 2024 and reached record highs after Donald Trump's presidential victory in November, but questions about new economic policies are adding much uncertainty for 2025. While the crowd speculates what might happen next, we're homing in on the companies that can succeed regardless of the political or macroeconomic environment. Put yourself in the driver's seat and build a durable portfolio by checking out our Top 6 Stocks for this week. This is a curated list of our High Quality stocks that have generated a market-beating return of 183% over the last five years (as of March 31st 2025). Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,545% between March 2020 and March 2025) as well as under-the-radar businesses like the once-small-cap company Exlservice (+354% five-year return). Find your next big winner with StockStory today. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Upturn
02-06-2025
- Business
- Business Upturn
Dole Advances Public-Private Partnerships to Expand Access to Essential Services for Agricultural Workers
Costa Rica & San Jose, United States: Dole (NYSE: DOLE) today announced the signing of new public-private agreements to advance its award-winning Information and Wellbeing Centers (IWCs), a workplace-based initiative pioneered by Dole designed to deliver vital public and private services directly to the workplace, improving quality of life for agricultural workers in Costa Rica's rural areas. This press release features multimedia. View the full release here: A panel discussion was held to discuss Public-Private Partnerships among business representatives and public organizations, including the CCSS (Costa Rican Social Security System) Financial Director, Gustavo Picado (second from left). The announcement was made during the forum 'Information and Wellbeing Centers: Public-Private Partnerships that Improve Lives,' hosted by Dole Fresh Fruit. During the event, Dole signed memorandums of understanding with two key national institutions—Caja Costarricense de Seguro Social (CCSS) and Banco Popular—further strengthening its commitment to inclusive development and equitable service access. Launched in 2020, Dole's IWC model has redefined how rural workers access healthcare, social security, education, and financial tools. By integrating these essential services directly into the workplace, IWCs eliminate major barriers such as distance, cost, and time. Currently, IWCs directly benefit over 3,300 individuals across four of Dole's pineapple farms: Santa Fe, El Bosque, La Virgen, and Muelle, thanks to the collaboration of 38 public and private sector partners. The new agreements with CCSS and Banco Popular—two pillars of Costa Rica's public infrastructure—signal an expansion of the IWC network: CCSS (Caja Costarricense de Seguro Social): As Costa Rica's universal public healthcare and social insurance provider, CCSS plays a central role in delivering medical and social protection across the country. Banco Popular: A state-owned bank with a social mission focused on financial inclusion and community development, serves working populations and grassroots enterprises across the country. By formalizing their engagement, these institutions have committed to deepening their participation in the IWC network, advancing broader access to equitable solutions that uphold citizens' rights and promote long-term well-being. 'This is a concrete example of how public-private partnerships can close gaps and generate real well-being,' said Rudy Amador, Regional Vice President of Social Responsibility, Sustainability, and Communications at Dole Fresh Fruit. 'Inter-institutional coordination has been key to making the Information and Wellbeing Centers a powerful driver of inclusion.' The forum convened national government leaders, business executives and international institutions to reflect on the success and scalability of the IWC model. The Aliarse Foundation, a Costa Rican NGO specializing in cross-sector partnerships, presented a case study during the event, followed by a panel discussion highlighting the social and economic benefits of collaborative development models. In 2022, the IWC program received the Grand Prize for Social Responsibility in Action from the Costa Rican-American Chamber of Commerce (AMCHAM), recognizing its innovation and measurable impact. To date, the IWC program has reached 14,947 individuals, with continued expansion planned for the years ahead. The initiative is increasingly recognized as a replicable blueprint for sustainable development. The event concluded with a collective call to action: when the public sector, private enterprise, and civil society work together with intention, the result is a more just and connected society—one where access to essential services is not a privilege, but a right realized. About Dole Food Company Dole Food Company, part of Dole plc, is one of the world's largest producers and marketers of high-quality fresh fruit and fresh vegetables. Dole is an industry leader in many of the products it sells, as well as in nutrition education. For more information, please visit View source version on Disclaimer: The above press release comes to you under an arrangement with Business Wire. Business Upturn takes no editorial responsibility for the same.
National Post
02-06-2025
- Business
- National Post
Dole Advances Public-Private Partnerships to Expand Access to Essential Services for Agricultural Workers
Article content Ag leader strengthens workplace program that adds social services for thousands of farm workers. Article content Article content SAN JOSÉ, Costa Rica — Dole (NYSE: DOLE) today announced the signing of new public-private agreements to advance its award-winning Information and Wellbeing Centers (IWCs), a workplace-based initiative pioneered by Dole designed to deliver vital public and private services directly to the workplace, improving quality of life for agricultural workers in Costa Rica's rural areas. Article content Dole's IWC model has redefined how rural workers access healthcare, social security, education, and financial tools. Article content The announcement was made during the forum 'Information and Wellbeing Centers: Public-Private Partnerships that Improve Lives,' hosted by Dole Fresh Fruit. During the event, Dole signed memorandums of understanding with two key national institutions—Caja Costarricense de Seguro Social (CCSS) and Banco Popular—further strengthening its commitment to inclusive development and equitable service access. Article content Launched in 2020, Dole's IWC model has redefined how rural workers access healthcare, social security, education, and financial tools. By integrating these essential services directly into the workplace, IWCs eliminate major barriers such as distance, cost, and time. Currently, IWCs directly benefit over 3,300 individuals across four of Dole's pineapple farms: Santa Fe, El Bosque, La Virgen, and Muelle, thanks to the collaboration of 38 public and private sector partners. Article content The new agreements with CCSS and Banco Popular—two pillars of Costa Rica's public infrastructure—signal an expansion of the IWC network: Article content CCSS (Caja Costarricense de Seguro Social): As Costa Rica's universal public healthcare and social insurance provider, CCSS plays a central role in delivering medical and social protection across the country. Banco Popular: A state-owned bank with a social mission focused on financial inclusion and community development, serves working populations and grassroots enterprises across the country. Article content By formalizing their engagement, these institutions have committed to deepening their participation in the IWC network, advancing broader access to equitable solutions that uphold citizens' rights and promote long-term well-being. Article content 'This is a concrete example of how public-private partnerships can close gaps and generate real well-being,' said Rudy Amador, Regional Vice President of Social Responsibility, Sustainability, and Communications at Dole Fresh Fruit. 'Inter-institutional coordination has been key to making the Information and Wellbeing Centers a powerful driver of inclusion.' Article content The forum convened national government leaders, business executives and international institutions to reflect on the success and scalability of the IWC model. The Aliarse Foundation, a Costa Rican NGO specializing in cross-sector partnerships, presented a case study during the event, followed by a panel discussion highlighting the social and economic benefits of collaborative development models. Article content In 2022, the IWC program received the Grand Prize for Social Responsibility in Action from the Costa Rican-American Chamber of Commerce (AMCHAM), recognizing its innovation and measurable impact. Article content To date, the IWC program has reached 14,947 individuals, with continued expansion planned for the years ahead. The initiative is increasingly recognized as a replicable blueprint for sustainable development. Article content The event concluded with a collective call to action: when the public sector, private enterprise, and civil society work together with intention, the result is a more just and connected society—one where access to essential services is not a privilege, but a right realized. Article content Article content Article content Article content Article content Contacts Article content Article content Article content
