Politicians have called for the grocery industry to be more transparent about what has been driving profits, which have outperformed amid a broader rise in corporate profits.
On Wednesday, Loblaw reported a profit available to common shareholders of $508 million for its second quarter ended June 17, an increase of 31.3 per cent from the same period last year. Food retail sales growth was driven by a continued consumer shift to discount stores and interest in private-label brands, the company said.
Last quarter, Loblaw also pointed fingers at big multinational food brands, saying product costs had risen by double the historic norm. However, at the time one of Canada’s biggest food supplier industry groups told The Canadian Press that suppliers are facing their own pressures in the form of rising manufacturing costs.
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Loblaw Companies reports profit of $508 million in second quarterBRAMPTON, Ont. — Loblaw Companies Ltd. reported a profit available to common shareholders of $508 million for its second quarter, an increase of 31.3 per cent from the same period last year. The parent company of Loblaws and Shoppers Drug Mart reported its profit amounted to $1.58 per diluted share for the quarter ended June 17, an increase from $1.16 per diluted share in the same quarter last year. Revenue for the 12-week period totalled $13.7 billion, up from $12.8 billion a year earlier. Food
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