Sobeys boss says he's fed up with 'reckless and incendiary' criticisms about grocery profits amid inflation - via financialpost RetailNews
Michael Medline, chief executive of Empire Co. Ltd., which runs 1,600 stores under the Sobeys, Safeway, FreshCo, IGA and Farm Boy banners, made the unusually impassioned remarks at his company’s annual general meeting on Thursday. Earlier, Stellarton, N.S.-based EmpireFinancial Post Top Stories
Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300A welcome email is on its way. If you don't see it, please check your junk folder.
“This is absolutely not true,” he continued. “These reckless and incendiary attacks are meant to divide us, and sit in stark contrast to the collaboration and problem solving that we experienced in the darkest moments of the pandemic.” Medline’s remarks represent the most aggressive attempt yet by anyone in the grocery business to push back against a summer of bad press that stoked resentment among customers and threatens to attract the attention of politicians who have demonstrated a newfound interest in competition policy.
Canada’s big grocers have faced blowback in recent months for posting profit gains as shoppers faced the highest grocery inflation since the 1980s. Empire and its main rivals in the industry — Loblaw Companies Ltd. and Metro Inc. — have all dismissed the criticisms as unfounded and misguided.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Sobeys boss says he's fed up with 'reckless and incendiary' criticisms about grocery profits amid inflationSobeys boss says he's fed up with 'reckless and incendiary' criticisms about grocery profits amid inflation - via financialpost RetailNews
Read more »
Sobeys parent Empire misses earnings expectations despite sales boostProfit at Sobeys parent Empire Co. Ltd. dipped slightly in its first quarter, despite a boost in sales fuelled by the worst food inflation in decades.
Read more »
Empire reports $187.5-million first-quarter profit as its sales rose 4.1% from year agoThe parent company of the Sobeys grocery chain says its profit amounted to 71 cents per diluted share for the quarter ended Aug. 6
Read more »
Empire reports $187.5M Q1 profit, sales up 4.1% from year ago | Globalnews.caThe parent company of the Sobeys grocery chain says its profit amounted to 71 cents per diluted share for the quarter ended Aug. 6.
Read more »
Empire reports $187.5M Q1 profit, sales up 4.1% from year ago - BNN BloombergEmpire Company Ltd. reported a first-quarter profit of $187.5 million as its sales rose 4.1 per cent compared with a year ago.
Read more »
Sobeys parent Empire misses earnings expectations despite sales boostProfit at Sobeys parent Empire Co. Ltd. dipped slightly in its first quarter, despite a boost in sales. Read more
Read more »