Loblaws profits climb

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strongarm242
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Loblaws profits climb

Post by strongarm242 »

It really makes my blood boil to see the headline "Loblaw Profits Climb". Here's a company that made $464 million of profit in the third quarter of this year, during a pandemic no less, and they still eliminated pandemic pay for their staff, even though the pandemic is far from over and is actually getting much worse. They also recently received $12M from the federal Liberals to buy new refrigerators and freezers for their stores. Why is the taxpayer helping a company that makes almost half a BILLION dollars of profit in one quarter taking taxpayer money to buy new fridges and freezers? Other items worth noting are as follows:

1) Bread price fixing scheme;
2) Fighting CRA over $400M plus of profits being illegally sheltered offshore (Cayman);
3) Fought against implementing a living wage ($15/hr?) for their truck drivers in Ontario, meanwhile the CEO Galen Weston makes the equivalent of approximately $3,700/hr.

Maybe it's time we boycott Loblaws (Superstore) for a while until they become a better corporate actor.

https://www.castanet.net/news/Business/ ... pectations
Even Steven
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Re: Lobaws profits climb

Post by Even Steven »

You can boycott them starting today.

Where would you go for food?
typhoon44
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Re: Lobaws profits climb

Post by typhoon44 »

Even Steven wrote:You can boycott them starting today.

Where would you go for food?


Grow your own? These are businesses, not charities.
strongarm242
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Re: Loblaws profits climb

Post by strongarm242 »

Wow, you guys are brilliant. Maybe try Save On Foods, Sobey's/Safeway, Fresh Co., Costco, and maybe even Walmart as a last resort? If Loblaws is a business and not a charity then why are they taking taxpayer handouts of $12M? Meanwhile they're fighting the same taxpayer in court over unpaid taxes. Talk about biting the hand that feeds you.
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oneh2obabe
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Re: Loblaws profits climb

Post by oneh2obabe »

strongarm242 wrote:Wow, you guys are brilliant. Maybe try Save On Foods, Sobey's/Safeway, Fresh Co., Costco, and maybe even Walmart as a last resort?

Do you actually believe these companies haven't increased their 3rd quarter profits?
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strongarm242
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Re: Loblaws profits climb

Post by strongarm242 »

oneh2obabe wrote:
strongarm242 wrote:Wow, you guys are brilliant. Maybe try Save On Foods, Sobey's/Safeway, Fresh Co., Costco, and maybe even Walmart as a last resort?

Do you actually believe these companies haven't increased their 3rd quarter profits?



I don't know, they probably have, but the article is about Loblaws. Those grocery chains didn't receive any taxpayer money to pay for upgrades at their stores. Those grocery chains aren't fighting the CRA over unpaid taxes on over $400M of profit being sheltered offshore. It's also worth noting that Loblaws was the first retailer to start charging companies listing fees to get their products on store shelves, and Loblaws just recently announced they are increasing these fees. It's only added profiteering that will ultimately drive up costs for the consumer during a time when people can least afford it. I'm not sure why anyone would come to their defense here.
Even Steven
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Re: Loblaws profits climb

Post by Even Steven »

strongarm242 wrote:Wow, you guys are brilliant. Maybe try Save On Foods, Sobey's/Safeway, Fresh Co., Costco, and maybe even Walmart as a last resort?


You don't think these businesses are making millions of dollars in profit, fight against raising their wages or use tax maneuvers? This might be news to you but....they all do. So, boycott Loblaws, patronize another store that does the exact same, see if it helps.
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oneh2obabe
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Re: Loblaws profits climb

Post by oneh2obabe »

strongarm242 wrote:It's also worth noting that Loblaws was the first retailer to start charging companies listing fees to get their products on store shelves, and Loblaws just recently announced they are increasing these fees.

Actually Walmart was leading the charge in informing their suppliers that fees were going up to cover costs. Every grocery chain charges a listing fee - you should see what Walmart wants when you try to get a product listed in their stores.

You should see all the fees grocery chains get from their suppliers - VIP (volume incentive payments) based on dollar value of product(s) order, set fees for advertised flyer items, discounted pricing for new store openings or store reopenings, etc. And we won't even touch on the subject of *promotional* items given to buyers as a way of saying thank you.
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typhoon44
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Re: Loblaws profits climb

Post by typhoon44 »

strongarm242 wrote:Wow, you guys are brilliant. Maybe try Save On Foods, Sobey's/Safeway, Fresh Co., Costco, and maybe even Walmart as a last resort? If Loblaws is a business and not a charity then why are they taking taxpayer handouts of $12M? Meanwhile they're fighting the same taxpayer in court over unpaid taxes. Talk about biting the hand that feeds you.


They are taking a taxpayer handout because they are a business. Would you rather they (and their peers) go out of business because of the extra costs due to Covid?
strongarm242
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Re: Loblaws profits climb

Post by strongarm242 »

typhoon44 wrote:
strongarm242 wrote:Wow, you guys are brilliant. Maybe try Save On Foods, Sobey's/Safeway, Fresh Co., Costco, and maybe even Walmart as a last resort? If Loblaws is a business and not a charity then why are they taking taxpayer handouts of $12M? Meanwhile they're fighting the same taxpayer in court over unpaid taxes. Talk about biting the hand that feeds you.


They are taking a taxpayer handout because they are a business. Would you rather they (and their peers) go out of business because of the extra costs due to Covid?


What extra cost? Some plexiglass and hand sanitizer? They have been making record profits during the pandemic!!!

Maybe you're okay with your hard earned tax dollars propping up a company with quarterly profits that would make the big banks jealous. I'm not. I can see handing out corporate welfare to struggling industries, not highly profitable ones that sell essential goods.
typhoon44
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Re: Loblaws profits climb

Post by typhoon44 »

strongarm242 wrote:
What extra cost? Some plexiglass and hand sanitizer? They have been making record profits during the pandemic!!!

Maybe you're okay with your hard earned tax dollars propping up a company with quarterly profits that would make the big banks jealous. I'm not. I can see handing out corporate welfare to struggling industries, not highly profitable ones that sell essential goods.

The government offered assistance to food delivery services to upgrade their plants due to COVID-19. They didn't specify that it is only for unprofitable businesses. Take it up with the government, not the business.
strongarm242
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Joined: Apr 8th, 2016, 8:48 am

Re: Loblaws profits climb

Post by strongarm242 »

typhoon44 wrote:
strongarm242 wrote:
What extra cost? Some plexiglass and hand sanitizer? They have been making record profits during the pandemic!!!

Maybe you're okay with your hard earned tax dollars propping up a company with quarterly profits that would make the big banks jealous. I'm not. I can see handing out corporate welfare to struggling industries, not highly profitable ones that sell essential goods.

The government offered assistance to food delivery services to upgrade their plants due to COVID-19. They didn't specify that it is only for unprofitable businesses. Take it up with the government, not the business.


I did, and so did Conservative and NDP members of parliament. It received the same empty word salad of a response that we're accustomed to from the Liberals.
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oneh2obabe
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Re: Loblaws profits climb

Post by oneh2obabe »

strongarm242 wrote:Maybe you're okay with your hard earned tax dollars propping up a company with quarterly profits that would make the big banks jealous. I'm not.

Highly doubt big banks are jealous of profits made by grocery chains. Royal Bank of Canada reported a record profit of $12.9 billion for fiscal 2019 – the largest amount earned by any Canadian company in a single year to date.
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OKkayak
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Re: Loblaws profits climb

Post by OKkayak »

The price of groceries in Canada have gone up 240% in the last 20 years and unless one is wearing their masks over their eyes, prices have gone up steeply for many essential items over the last few months. What cost me $50 last year costs me $70 this year - yeesh :-X
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Richadio
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Re: Loblaws profits climb

Post by Richadio »

typhoon44 wrote:
strongarm242 wrote:Wow, you guys are brilliant. Maybe try Save On Foods, Sobey's/Safeway, Fresh Co., Costco, and maybe even Walmart as a last resort? If Loblaws is a business and not a charity then why are they taking taxpayer handouts of $12M? Meanwhile they're fighting the same taxpayer in court over unpaid taxes. Talk about biting the hand that feeds you.


They are taking a taxpayer handout because they are a business. Would you rather they (and their peers) go out of business because of the extra costs due to Covid?


The $12 million for new refrigeration units was before Convid. The extra costs because of convid, you mean the plexiglass?
WalMart US is no better taking in over 60 million per year of federal subsidies.
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