Loblaw reports $13.58B in Q1 revenue, as Reddit group's boycott kicks off
Loblaw reports $13.58B in Q1 revenue, as Reddit group's boycott kicks off
Loblaw Companies reported $13.58 billion in first-quarter revenue — a 4.5 per cent increase from a year earlier — 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.
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.
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.
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.
why are you counting another man's hard earn money?
do you hate freedom and the divine right to fuck poors?
Locally they arn't even as expensive as Safeway (Sobleys) or Save-On-Foods (Jim Pattison Group) stores. Hell Last time I tried to shop at a safeway as I was staying somewhere else it was 20% more expensive than Superstore (Loblaws)
That’s the thing… what’s a Loblaw’s boycott going to do to solve the problem with the other major chains? I only ever see Loblaws reported on.
Nothing but help the other major chains, which makes me wonder who’s behind this boycott?
I was trying to find out who the admins are of the Facebook group pushing this boycott locally. Turns out it’s two accounts with fake names that are only a few months old, one of which only has one friend. 🤔
... it was 20% more expensive than Superstore
And that's part of the problem. ALL the major players are scamming the hell out of us and the gov't does sfa about it. Calling them into parliament for questioning means nothing if the gov't doesn't demand to see their books as well.
Link to our own Lemmy discussion thread I posted on boycotting Loblaws.
Did anyone have a community link where something could be organized here?
That is utterly insane.
4.5% increase in a market that for sure didn't grow 4.5% is surely impressive considering they said they didn't take bigger margins on the products
Is that all? Galen isn't even trying. He needs to put the x in exploitation.
How are Safeway and Sobeys doing?