As if those freakin' grocers aren't exploiting inflation... [View all]

Just like the oil companies, raking it in...


Loblaw profit jumps nearly 40 per cent even as inflation drives up costs for retailers

Loblaw Cos. Ltd. saw its profits jump by nearly 40 per cent in the first quarter, even as inflationary pressures have increased costs for retailers and their product suppliers.

Loblaw reported on Wednesday that internal price increases at its grocery stores have tracked slightly higher than the consumer price index. And while the company is seeing shoppers become more price-sensitive – with more propensity to visit discount stores and to resist products at higher price points – the shift has not been dramatic.

“We’re not yet seeing that expected shift that comes when you have plus-6-per-cent inflation for month after month,” chairman and president Galen Weston said. “We think that’s an indication of the consumer having more money in their wallets, still, than they would have had pre-COVID levels. But we’re watching it very carefully, because prices are continuing to grow, consumer behaviour is shifting.”

https://www.theglobeandmail.com/business/article-loblaw-profit-jumps-nearly-40-even-as-inflation-drives-up-costs-for/