Canadian Should Be Hungry For Grocery Store Change
Price gouging and profiteering is driving up food prices and inflation in Canada.
Not idiotic ‘justinflation’.
But what are these companies saying to their shareholders?
In its most recent quarterly report, Loblaws posted that it had increased its retail-section adjusted gross profits by 10 basis points to 30.8 per cent, boasting to its shareholders that it had “delivered positive financial and operating performance … while advancing [its] growth and efficiencies initiatives.”
It added, “Net earnings available to common shareholders of the Company were $556 million, an increase of $125 million or 29.0%.”
The retail giant claimed that despite soaring increases in food prices, it had tried to “moderate cost increases and provide superior value.”
Net earnings increased 29%.
This is extortion.
It’s time for an inquiry.
GREEDflation must end.