But even when a grocer agrees to pay more at wholesale, it still gets to decide whether to absorb the added costs or increase retail prices. And it’s clear many of the increases are making their way to the consumer.grocery bills rose 9.4 per cent year-over-year in June. That was down slightly, from a 9.7 per cent year-over-year increase in May — the worst spike in food retail prices since 1981.
The company reported that its profit margins got better in the second quarter, but stressed that the improvement wasn’t coming from food sales.Overall, the company’s gross margin — a basic measure of the profits leftover after subtracting the cost of goods — rose 60 basis points year-over-year to 31.2 per cent.
Net earnings were $428 million, down $6 million from last year. Loblaw said it recorded a charge of $111 million in the quarter, due to aOn an adjusted basis, however, profit available to common shareholders was $566 million, up 22 per cent over last year. Adjusted net earnings per share were $1.69, up 25 per cent. Analysts were forecasting earnings per share of $1.61, according to a report from Bank of Nova Scotia analyst Patricia Baker.
Lol loosing to much on your profit
Help your capitalist buddies lie some more their prices are directly related to price gouging “Loblaw Companies Limited generated approximately 53.17 billion Canadian dollars in revenue in 2021”
Loblaws realizes they’ve stolen enough of our hard-earned money and they can’t get away with it any longer before people revolt.
oh they finally decided to maintain their gouging levels. Nice. Feels like a bunch of rich profiteers need jail
They’ve made record profits by gouging so now they do stock buybacks with the cash thereby increasing shareholder wealth while making a nice headline to keep the politicians at bay.
'... Layoffs to follow'
The one they created?
Perhaps Loblaws have figured out people want them charged and tried for price fixing SHAMEFUL extortion
'OH no look what we've got caught doing'
Nice FakeCrisis
Hm. Probably nothing to do with them getting caught gouging eh.
Galen paid off the new yacht.
So they've decided to stop inflating their prices well above any actual inflation then? Absolutely record profits last year were enough for them? Sounds unlikely.