Did you think the price increases at the grocery stores were only due to inflation? Well think again because Galen Weston’s Loblaw Companies Ltd. earnings report may indicate otherwise.
Loblaw Companies Ltd. which owns Loblaws, Shoppers Drug Mart, No Frills, Zehrs, Fortinos, Superstore, Joe Fresh, President’s Choice, Your Independent Grocer (not really that independent) and much more reported that its Q3 profit and revenue are up from last year.
The grocery and drugstore retailer says its net earnings available to common shareholders totalled $556 million or $1.69 per diluted share for the quarter ended Oct. 8. The result was up from $431 million or $1.27 per diluted share in the same quarter last year. On an adjusted basis, Loblaw says it earned $2.01 per diluted share, up from an adjusted profit of $1.59 per diluted share a year ago.
The best thing WE can do to address this: If you have a local grocery store nearby support them. Buy from local and family run vs larger chains. Fiesta Farms, Sweet Potatoes, Fiddlehead Farm, etc.
We post Canadian flyers to all stores including small locally owned grocery stores.
If we’re missing any small grocery store flyers, please let us know and we are happy to include them and support them movement to local and truly independent.
Click here for Q3 Loblaw Reports
This post is very ignorant. It sounds like you have never owned a business.
Grocery industry makes only 1%-2% in North America. Even with the increase, they are making less than 3%. Compared to an average 10%-15% for restaurants. Why don’t you complain about every restaurant in your neighborhood?
They raised their price in anticipation of further inflation. These are lead responses. Grocery stores didn’t know they would earn more before they raise prices.
Put simply, inflation reports only comes out one month after but prices are set one month prior. So there is at least a 2 months difference. It is only after a few more months, after paying their workers and suppliers that they realized they have earned more. So they freeze the prices of their own brands. They have no control over other suppliers.
Are we supposed to boycott people for making money now? Are we North Korea now????