Gonzalo Gebara said the company’s profits declined last year, but did not provide numbers to back up those claims
The new president and chief executive officer of Walmart Canada told Members of Parliament that his stores are not profiting from inflation – and that the company’s profits from food decreased last year – but declined to provide numbers to back up those assertions.
Grocery prices have been rising at the highest rate in almost four decades, outpacing the general rate of inflation and making basic necessities less affordable for Canadians. Last week, Statistics Canada reported that thefell to 5.2 per cent in February, while grocery prices continued to rise more sharply, by 10.6 per cent on a 12-month bases. It was the seventh consecutive month that food prices saw double-digit increases.
But some MPs countered that Walmart has contributed to the increasing cost of doing business by introducing new fees that it charges to suppliers. The fees, which the retailer, are charged as a percentage on the cost of goods Walmart purchases. They were designed to help offset a five-year, $3.5-billion investment in its stores and e-commerce network that the company announced that year, and are ongoing now.
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