While overall inflation has been moderating, grocery prices have continued to grow, up 9.1 per cent last month.
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“The math is very simple: Cost increases from big brands were well above Canada’s food inflation, and our food margin declined,” said Dufresne. “Suggestions of grocer profiteering just don’t add up.”Article content On Wednesday, Loblaw reported a profit available to common shareholders of $508 million for its second quarter ended June 17, an increase of 31.3 per cent from the same period last year.
Food retail sales growth was driven by a continued consumer shift to discount stores and interest in private-label brands, the company said.
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Loblaw reports profit of $508 million in second quarterRevenue for the 12\u002Dweek period totalled $13.7 billion, up from $12.8 billion a year earlier.
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Loblaw Companies reports profit of $508 million in second quarterLoblaw Companies Ltd. reported a profit available to common shareholders of $508 million for its second quarter, an increase of 31.3 per cent from the same period last year.
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Loblaw reports profit of $508 million in second quarterRevenue for the 12\u002Dweek period totalled $13.7 billion, up from $12.8 billion a year earlier.
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