People are upset with Loblaws for making so much money this year
Loblaws stated yesterday that its first-quarter profit was up to nearly 40 per cent compared to last year's period, gaining most of its growth from drugstore retailers like Shoppers Drug Mart and Pharmaprix through the sale of over-the-counter medications.
Lol you mean greedy Loblaws is price gouging consumers to achieve higher profits. Don’t blame inflation when it’s companies screwing us over.— Steve C. 🇨🇦 (@CriticalHabsFan) May 4, 2022
Food sales have also increased, which has prompted experts to call for stricter regulations on grocery prices as well as new taxes on such increased, excess profits like the ones Loblaws is currently reporting.
FYI brutal takes on Loblaws profits being up "40%" so inflation is a hoax.— Stephen Punwasi 🌋 🚀 (@StephenPunwasi) May 5, 2022
I hate monopolists like Weston but it's dangerous for the public to not understand inflation due to the politicization of the issue.
Quick thread. 🧵👇
Sheila Block, a senior economist with the CCPA states that "the surge in profits at Loblaws shows that the coming year will see the continuation of a trend in which companies raise prices higher than they have to and profit from inflation."
I’m just reading about Loblaws making such a nice profit. Why are people wondering how they do it? The biggest part of profit came from Shoppers Drug Mart. Remember all off the vaxx that was sent their way by Doug Ford? Adds up when the premier is a closefriend.fordfailedus— mari N (@marilynn909) May 5, 2022
In a response to these claims, Loblaws executives state that they price their grocery items based on competition rather than inflation, and that they are also suffering from the same supply-chain challenges and cost increases that other stores do.
I’m so happy that Galen Weston and Loblaws saw their profit increase by 40% over last year, and the rest of us paying for it with higher prices at the grocery stores. When are we going to start taxing these wealth hoarders?— Richard McAdam (@RealRGM81) May 4, 2022
Still, people don't quite buy into Loblaws’s justifications for its profit surge, and are accusing the store of profiting from greed and inflation.
Are we ever going to acknowledge that there actually isn't an inflationary crisis, but a greed driven crisis instead? Loblaws posting 40% profit increase over last year says it all.— Jay Couture (@NeoLithicJay) May 4, 2022
Loblaws has had no shortage of drama over the past while.
Earlier this year, shoppers found many of their aisles of stock from their favourite potato chip brand after Frito-Lay and Loblaws had a tussle.
They also have been subject to almost constant reminders of their central role in a bread price fixing scandal.
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