Loblaw boycott had 'minor' impact as company says lawsuit settlement hit profits

"The overall financial impact was minor," president and CEO Per Bank said of the boycott on a conference call with analysts to discuss the company's second-quarter earnings.Loblaw saw its profit decline 10 per cent year-over-year to $457 million, which it attributed primarily to the settlement of a pair of class-action lawsuits, to the tune of $500 million between it and parent company George Weston Ltd.

“Our sales in grocery were a little soft, mostly based on last year’s strong performance of 6.1 per cent growth,” said Bank.RBC analyst Irene Nattel asked for more details, saying the food same-store sales number was “weaker than most of us expected.” An untold number of shoppers said they would boycott Loblaw-owned stores in May, with some calling for the action to continue indefinitely, to protest high food prices. Bank and Loblaw chairman Galen Weston previously pushed back on what they called"misguided criticism" of the company.

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Loblaw, parent company George Weston agree to pay $500-million to settle bread price-fixing lawsuitsCanada’s largest grocer and holding company already publicly acknowledged their participation in price-fixing in 2017 in exchange for immunity from criminal charges
Source: globeandmail - 🏆 5. / 92 Read more »

Loblaw and parent company agree to pay $500 million in bread price-fixing lawsuitLoblaw Cos. Ltd. and its parent company George Weston Ltd. say they have agreed to pay $500-million to settle a class-action lawsuit regarding their involvement in an alleged bread price-fixing scheme.
Source: CP24 - 🏆 30. / 67 Read more »