New report suggests Loblaws, Metro Inc., and Empire Co., parent company of Sobeys Inc., made above-average profits this year.
A new report indicates three of the largest grocery chains in the company posted higher profits this year, compared with their average performances over the last five year.
Research from Dalhousie University indicates Loblaws, Metro Inc., and Empire Co., which is the parent company of Sobeys, all experienced above-average profits this year.
This comes as the price of food across the country continues to skyrocket, with grocery prices jumping 11.4 percent in September compared with a year before.
Loblaws was particularly successful, as its profits in the first half of this year beat its previous best results by $180 million.
This is about the equivalent of an extra million dollars a day.
The authors of the report say a lack of detailed financial data makes it difficult to determine why all three supermarket chains are exceeding their average performances this year.
Officials from each of the chains say profit marginshave remained consistent since the inflation started.
Meanwhile, the Competition Bureau of Canada has launched a study to examine competition in the sector.
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