this post was submitted on 01 May 2024
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Loblaw Companies reported $13.58 billion in first-quarter revenue β€” a 4.5 per cent increase from a year earlier β€” on Wednesday morning, the same day that a group of frustrated shoppers said they would begin a month-long boycott of the grocery retailer.

The company said that its retail segment sales rose 4.4 per cent to $13.29 billion. Food retail sales were up by 3.4 per cent, while its drug retail sales under the Shoppers Drug Mart banner increased by four per cent.

A group of shoppers who say they are fed up with the company's grocery prices said that as of Wednesday they would start boycotting the retailer's flagship Loblaws stores and its offshoot brands, including No Frills, Provigo and City Market.

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[–] Showroom7561@lemmy.ca 33 points 6 months ago (7 children)

The company's quarterly profit was $459 million, marking a 9.8 per cent increase.

This is far, far more important than their revenue.

The company is run by thieves.

[–] assaultpotato@sh.itjust.works 24 points 6 months ago (2 children)

Revenue was up 4.5% and profit was up 10%... so they cranked up their margin, nice. Greedflation indeed.

Would love to see the same figures for Sobeys/Safeway and others, cause I swear their veg has doubled in price in 3 years.

[–] Poutinetown@lemmy.ca 8 points 6 months ago

Yeah this is the real news. Doesn't matter how much revenue they are making, but artificially inflating the margin is literally greed and should be used as a proof of oligopolistic move by antitrust orgs to break them up.

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