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Galen Weston calls Loblaw boycott 'misguided criticism', says grocer not responsible for higher prices (ca.finance.yahoo.com)

submitted 1 year ago by lautan@lemmy.ca to c/canada@lemmy.ca

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"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@lemmy.world 33 points 1 year ago

“Their 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.

[-] downpunxx@fedia.io 10 points 1 year ago

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.