Kroger, which operates Food 4 Less and Ralphs, reported $732 million in net income in the second quarter of this year, up 43% from the same time in 2021.The much smaller Sprouts Farmers Markets reported more than $150 million, up around 4% from last year.
“There’s a proposed merger between Kroger and Albertsons, which will reduce competition even more than in the supermarket industry,” said Gin. “And so there’s some worry there that that would contribute to keeping prices at these high levels.”It’s not just grocery stores – fast food restaurants are also posting some large profits as well.
And how about oil companies? We’ve all been paying higher gas prices and oil companies are also posting some big numbers.BP saw an $8.2 billion profit in the third quarter of 2022. Shell said it made nearly $9.5 billion in profit during that same time. ExxonMobil said it made nearly $20 billion.
As long as corporations run their finances based on percentages, this is what will happen every time. In the end they make even more money because profit is a % of every (now more expensive) transaction. Maybe corps should aim to make $200 million in profit rather than '5%'
I wonder who or what is causing inflation perhaps the massive amount of money that was printed? the shut down on the economy? So i wonder often of the “greedy corps” are fully responsible or more a consequence of failed policies from the big government
Yet the grocery store chains got millions in PPP money. They never shut down! Same with the nursing homes! WTF. Law firms too. Ever heard of Zoom?