loblaws profits

Canada's biggest grocery villain's profits might finally be taking a hit

Galen Weston and family, paragons of corporate greed in Canada, have apparently been making less money in recent months than they were last year, according to the latest figures released on Tuesday.

After being criticized (and investigated) for reporting record profits while grocery prices have soared above the rate of general inflation, George Weston Limited — which operates Loblaws — says its profits during the second quarter of this year were significantly lower than during the same period in 2022.

The company's staggering $498 million made between this April and June is actually 21.5 per cent less than last year's Q2 earnings, which were a mind-blowing $634 million.

Of course, we are comparing figures completely unfathomable to the average person here, but it is still a development that will be welcome among Canadians who are struggling to pay for ever-more-overpriced food.

It is noteworthy that the revenue, profits and sales for Loblaw Companies Ltd. specifically has been up year-over-year, but "unfavourable liabilities" in Weston's Choice Properties Real Estate Investment Trust division have pulled the stats downward.

George Weston Ltd. is led by the much-hated Galen Weston Jr., who made the surprise announcement earlier this year that he would be relinquishing his roles as President and CEO of Loblaw starting in 2024. 

He remains chair of the Loblaw board, as well as chair and of CEO George Weston.

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