this post was submitted on 03 May 2024
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Galen Weston calls Loblaw boycott 'misguided criticism', says grocer not responsible for higher prices (ca.finance.yahoo.com)
submitted 6 months ago by [email protected] to c/[email protected]
44 comments fedilink hide all child comments
 

"Their frustration is understandable, but this kind of expectation betrays a misunderstanding of what's actually driving food prices higher in this country."

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[–] TSG_Asmodeus 37 points 6 months ago (1 children)

β€œTheir frustration is understandable, but this kind of expectation betrays a misunderstanding of what's actually driving food prices higher in this country.”

Food prices first soared above headline inflation starting in December 2021, rising as much as 11.4 per cent annually, according to Statistics Canada. February marked the first time since then that the price of food purchased from grocery stores (2.4 per cent increase year-over-year) fell below headline inflation (2.8 per cent.)

LOBLAW 2024 FIRST QUARTER HIGHLIGHTS Revenue was $13,581 million, an increase of $586 million, or 4.5%. Retail segment sales were $13,290 million, an increase of $555 million, or 4.4%.

Absolutely fuck this waste of air.

[–] [email protected] 10 points 6 months ago (2 children)

revenue is not profit, i'd like to know how much profit they made during that same time period. who cares how much they sold, it's how much they made, while extracting that value, and how much that matches up with their price increases, off their customers backs, which is the important part.

[–] Nouveau_Burnswick 17 points 6 months ago

Net earnings available to common shareholders of the Company were $459 million, an increase of $41 million or 9.8%

https://www.loblaw.ca/en/loblaw-2024-first-quarter-results-reflect-continued-focus-on-providing-everyday-value-to-customers/

[–] [email protected] 3 points 6 months ago (1 children)

Do you think their profit margin is shrinking here?

[–] [email protected] 10 points 6 months ago* (last edited 6 months ago)

I don't think the person you're replying to is defending Loblaws, just saying we need to look at the right numbers to correctly call bullshit.

Here,

The company's quarterly profit was $459 million, marking a 9.8 per cent increase.

Source: https://www.cbc.ca/news/business/loblaw-q1-revenue-boycott-1.7190272