February 28th, 2024

Grocer profits set to exceed record in 2023, expert says, ahead of committee meeting

By The Canadian Press on December 11, 2023.

People shop in a grocery store in Montreal, Wednesday, November 16, 2022. THE CANADIAN PRESS/Graham Hughes

VANCOUVER – The Centre for Future Work says profits in the Canadian grocery sector will likely exceed $6 billion in 2023, setting a new record as they rise eight per cent from last year.

New research by the centre found that food retailers are now earning more than twice as much profit as they did pre-pandemic.

Jim Stanford, economist and director of the Centre for Future Work, is set to present the report’s findings later today to a House of Commons agriculture committee meeting on stabilizing food prices.

Eric La Flèche, president and CEO of grocer Metro Inc., is scheduled to present during the first half of the committee meeting.

Last week, executives from Loblaw Cos. Ltd., Walmart Canada and Empire Co. Ltd. presented before the committee.

The major grocers have been under pressure from the government to enact plans that will help stabilize food prices for Canadians.

This report by The Canadian Press was first published Dec. 11, 2023.

Companies in this story: (TSX:MRU)

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