“Their frustration is understandable, but this kind of expectation betrays a misunderstanding of what’s actually driving food prices higher in this country.”
Loblaws literally just announced their quarterly results which included a 9.8% increase in profit year over year. Unless they are claiming that the incrsased profit comes from goods that aren’t food then Weston is lying through his teeth.
Unfortunately for consumers the company cares about their shareholders first and don’t give a shit about those who can’t afford to eat.
I’m convinced the cons don’t actually want to win. Pierre Poilievre is gotta be the snobbiest, most arrogant, most unlikable, wet sandwich of a man I’ve ever seen. Every election they find one worse than the last to run against JT. I can’t even remember that last couple, since they toss em off a cliff once they lose
As a retail employee at loblaws, don't believe any of us who say it's not a problem and the profits aren't obscene. They offer stock options as a perk - So those doing it as a bored get out of the house option are essentially bought
Before the bread price fixing scandal broke, if anyone had asked Galen if they were manipulating the price of bread, he would have shown this same level of deflection and never admitted in a million years what they were doing. If we asked now if there were any other price fixing scandals waiting to be discovered, they’d deny and deflect regardless of the truth.
Now he just wants us to trust him, and take him at his word? This billionaire has given everyone zero reasons to trust him, and many reasons to do the opposite.
It’s also psychotic when you think about it … his family is already worth $8 billion … but they all have a perpetual need to make even more profits regardless if it means starving people have to pay more for the food they sell.
If I had $1,000 and a box of food and someone with little money came up to me wanting to buy some of my food for $1 and I instead told them it was $2 just because I could … everyone would look at me like a stingy heartless prick.
A billionaire does it with millions of people every day and it’s just called business.
My example is an imaginary hypothetical … Loblaws and the Weston family do it in real life … and somehow that is more acceptable than some imaginary story I could come up with.
Absolutely hitting the nail on the head. This is something that isn’t being properly discussed anywhere in society; how many billions does a billionaire need before a billionaire has enough billions?
If enough is never enough, then that’s not sustainable, it’s not healthy for our civilization, and they’re absolutely suffering from a form of mental illness that requires social intervention. If a trillion is the number before they’ll actually be satisfied; then they need to adjust their goals.
Dare I say it: as long as there are camps full of homeless, as long as people working 60+ hours a week and can’t afford both food and a place to live, as long as 50% of the population is one missed paycheck from going broke- there should be no billionaires.
Our economy is dysfunctional and serving the interests of the rich above everyone else. We need an adjustment before the tipping point tips us from untenable into chaos, because these current trends are leading us all into ruin.
We should be celebrating and promoting a world where we encourage those at the bottom rather than giving away our wealth to those who need it the least.
Weston also says that while shareholders “may be troubled by these often-repeated stories,” the grocery retailer “has and will continue to act with integrity.”
“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%.
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.
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