‘Profits are profits’: As food prices soar, Liberal MP says Canada needs more competition
“He says that for every $25 that people spend at his grocery stores $1 of profit is earned,” Fragiskatos told Global News. “So, if you do the math, that’s a four per cent profit margin, which is, as I understand it, according to economists that specialized in this area, well in line with where they’ve been in the past.”
Grocers argued that while their profits may have increased, their food margins have remained flat, saying that higher margins come from pharmacy, cosmetic as well as apparel sales.
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