The president and CEO of Walmart Canada says the retail giant is not attempting to profit from soaring food inflation.
Walmart Canada is not trying to profit from food inflation, president and CEOGebara told MPs that Walmart Canada’s gross profit rate for its food business declined last year, as did the company’s total operating profit in dollars. However, he declined to provide specific numbers for the private business, saying Walmart Canada has provided relevant financial information to the Competition Bureau.
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. Grocery prices were up 10.6 per cent in February compared with a year ago, while overall inflation was 5.2 per cent.
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