Are Canada's big grocers profiting off inflation? The answer is complicated — via financialpost inflation Canada grocers
, launching in 2020, aims to cut $500 million in annualized EBITDA by driving an improvement in EBITDA margin of 100 basis points, or one percentage point.
However, Salterio did note that Loblaw led its rivals in margin improvement, with its gross margin in the last year up 130 basis points to 31.8 per cent, compared to a five-year average of 30.5 per cent.Article contentPhoto by Laura Pedersen/National Post Loblaw also said comparing its margins over the last year to the five-year average doesn’t work, because the business has changed substantially over that time — most notably because Loblaw spun out its interest in the real-estate investment trust Choice Properties in 2018.
Loblaw declined to provide additional financial information to show how profits are coming from a boom in pharmacy and not grocery. Bloomberg data show that 94.3 per cent of Loblaw’s gross profits in 2021 came from the retail segment, with the rest coming from banking.Article content In 2021, the entire food and beverage industry made about $7.3 billion in pre-tax profit, according to Statistics Canada. That’s $1.8-billion more than 2020, and about $4-billion more than the industry’s pre-pandemic profits of $3.2 billion in 2019. Food and beverage manufacturers in Canada made $9.9 billion in 2021, $1-billion more than 2020 and roughly $3-billion more than 2019.
“These are all within, or very close to, the historical norms for the grocery industry of profits in the 2.5 per cent to 4.5 per cent range ,” Wasylyshen said in an email. “Frankly, there is a limit to what you can see in the public statements,” said Macdonald, the economist at the Canadian Centre for Policy Alternatives.
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