Wed. Feb 28th, 2024

Égrocery stores: anticipated profits s more than $6 billion

Open in full screen mode

Grocer profits in Canada in 2023 would be up 8% compared to the previous year.

The Canadian Press

Speech synthesis, based on artificial intelligence, makes it possible to generate spoken text from written text.

The profits of Canadian grocers would exceed $6 billion in 2023, according to an estimate from the Center for Future Work. This would be a new record and an 8% increase from the previous year.

This new study claims that grocers more than doubled their profits compared to the pre-pandemic threshold.

The Economist Center for Future Work chief Jim Stanford is due to present the findings of his report later Monday at a meeting of the House of Commons agriculture committee on food price stabilization.

The report cites data from Statistics Canada, which indicates that food and beverage retail's net profit margin has consistently exceeded 3% of total revenues since mid-2021. This is more than double the average margin between 2015 and 2019.

Data shows that retailers have benefited from the pandemic and its consequences to increase their profits, says Mr. Stanford in a press release.

LoadingA commission will look into abuses in Canadian sport

ELSE ON INFO: A commission will look into abuses in Canadian sport

An industry cannot double its profits if it simply absorbs its higher expenses.

A quote from Jim Stanford, chief economist of the Center for Future Work

Metro President and CEO Eric La Flèche is expected to make a presentation during the first half of the committee meeting.

The last week, executives from Loblaw, Walmart Canada and Empire appeared before the committee.

The main Canadian grocers are facing pressure from the federal government, which is asking them to adopt plans aimed at stabilizing food prices. Earlier this fall, the leaders of the five largest food companies were summoned by the government to present their projects.

Open full screen

Food and beverage retail net profit margin has consistently exceeded 3% of total revenue since mid-2021, more than double the average margin between 2015 and 2019.

Grocers have also been under pressure to adhere to a grocery code of conduct that is nearing completion. Its supporters say it will help level the playing field between suppliers and large retailers.

Federal Agriculture Minister Lawrence MacAulay said Thursday that he and his provincial counterparts, as well as federal Industry Minister François-Philippe Champagne, would meet to discuss options. #x27;offers to the provincial and federal governments if major grocers do not sign the code. MEPs that the company feared that certain provisions of the code would increase the price of the grocery basket, because they give too much negotiating power to large multinational food producers.

He said his company would sign the code, but not in its current form.

The president and head of The management of Walmart Canada, Gonzalo Gebara, responded to MPs that the company was not currently able to commit to respecting the code. He said the current version includes provisions that create bureaucracy and costs, costs that will inevitably have an effect on sales prices.

By admin

Related Post