Grocer profits set to make a new record in 2023: Analysts
By Canadian Press
Business Operations Economy Food & Beverage Economy Food Manufacturing grocery manufacturing ResearchNew research by the centre found that food retailers are now earning more than twice as much profit as they did pre-pandemic.
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 Fleche, 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.
