Company reports $529 million profit for the fourth quarter
Canada's biggest grocer says food inflation is not the reason for recent profits.
Loblaw Companies Ltd, has reported a profit of $529 million in the fourth quarter, which is about ten percent higher compared with a year ago.
However, officials say sales growth was driven by strong demand for cough and cold products, as well as beauty and cosmetic items."
The retailer says its overall revenue jumped to $14 billion, which is up from $12.8 billion in the fourth quarter of 2021.
This comes after CEO Galen Weston, and with Empire CEO Michael Medline and Metro CEO Eric La Fleche met with a House of Commons agriculture committee earlier this week as part of an inquiry into rising grocery prices.
According to Statistics Canada, last month, food prices saw a year-over-year increase of 11.4 percent, which is up from 11 percent the previous month.
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