Maple Leaf Foods (MFI) ran 10% on its Q1 results, which beat small on revenue thanks to strength in poultry - where double-digit growth in the premium category…

… came during a period where the rest of the market struggled, with Loblaw reporting declines of a similar magnitude during Q1…

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I just got an example this morning on chicken, where our customers, they are buying more into the opening price point of chicken, and they’re buying less of the free form.

Per Bank (CEO) - Loblaw Q1/26 call

… resulting in a 2% market share gain for MFI. Combined with some mid-February price increases to offset inflation, margins were up 90 bps sequentially…

… tracking towards management’s 15% 2030 target, driving a big beat on EPS, and pushing MFI’s valuation back to the long-term average.

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