Walmart Canada is not trying to profit from food inflation, president and CEO Gonzalo Gebara told a parliamentary committee studying the issue Monday evening.
Walmart Canada is not trying to profit from food inflation, president and CEO Gonzalo Gebara told a parliamentary committee studying the issue Monday evening.
Gebara said Walmart Canada has received a draft of the code of conduct recently and is reviewing it. The CEOs and presidents of Loblaw Cos. Ltd., Metro Inc. and Empire Co. Ltd. told the committee that food inflation is not being caused by profit-mongering, and insisted their margins on food have remained low.
He said Walmart is known for its “everyday low price” strategy: “This is not a stunt or our response to the challenging times we’re living in.” Grocery prices were up 10.6 per cent in February compared with a year ago, while overall inflation was 5.2 per cent. A report last fall out of the Agri-Food Analytics Lab at Dalhousie University found that all three of the big grocery companies posted higher profits in the first half of 2022 compared with their average earnings over the past five years.
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