Question-and-Answer Session
Operator
(Operator Instructions) Our first question comes from Perry Caicco – CIBC World Markets.
Perry Caicco - CIBC World Markets
I want to focus a bit on some of the comments you made around same-store sales, perhaps focusing a bit more on the acquired assets. How much was the drop off in same-store sales as you progressed through the quarter? How much inflation is in the number? Was there any sort of range between various geographies or store types and a little bit of the balance between traffic and basket?
Jeff Noddle
Good morning, Perry. That was a basket full of questions there. What I said -- and again we're not going to go into it certainly by market, but I will give you a little bit of color. What we said is toward the end of the first quarter we did see some softening in sales, and it continues into this second quarter in the weeks we've had so far. Again, going forward, we are not delineating between acquired properties. We are now one entity beginning in this second quarter, and that's how in the future, while we'll certainly talk about our like stores, but as a combined entity. We did see a strong performance by the acquired properties of 1.7 which was all pretty close I think with 1.8 in the quarter before that.
I forgot the rest of your question.
Perry Caicco - CIBC World Markets
How much inflation would be in that number?
Jeff Noddle
As I made the comment on the inflation, we said that entering the year we were running about 2%. We're running moderately higher than that now. A lot of that is coming certainly from dairy and meat, and to some degree from produce. My feeling about inflation is obviously we're at a higher level than 2% now, so it is somewhere in the 2% to 3% range, but because a lot of it is in the perishables of meet and produce, some of those can change rather quickly and are more volatile.
We're hopeful that later in the year as new crops come on, that we'll see some lessening, at least of the inflation rate later in the year, and always we're always faced with mix changes as consumers change their buying habits, it changes the mix of the basket. Obviously dairy right now has probably been under the most pressure in terms of inflation. I think raw dairy prices are up 60%, 70% over last year.
- To read the full transcript on Seeking Alpha, click here »
