The heads of Canada\u0027s largest grocery chains appeared Wednesday in front of a parliamentary committee that is studying inflated grocery prices
Galen Weston, the billionaire chairman and president of Loblaw, said the company has made bigger profits off financial services and apparel and pharmacy sales, which he said represents more than half of its business.
Asked why he thought that he and Loblaw had become the faces of the problem, he said: “I don’t know.” “They look at you and they see you making record profits. How can you justify that when families are struggling to put food on the table for their kids?” he implored. The CEOs were asked whether they would commit to sharing detailed financial statements with the Competition Bureau, which is studying whether a lack of competitiveness in the grocery industry may be contributing to higher prices.Advertisement 7“I think overall we got answers,” Liberal MP Leah Taylor Roy said after the meeting, adding that the CEOs were clearly protecting their positions and stakeholders and “there’s always a little bit of parading.
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