Loblaws profits climb

[Jonrox]

Folks need to step back and calm down.

Almost every grocery retailer in North America is posting record numbers because people are shopping more at their stores and aren’t eating out as often. It’s not that they’re screwing anybody, it’s that dining habits have changed during the pandemic. It would actually be a challenge not to post record numbers with how busy grocery stores have been! They’d really have to mess something up badly.

As for the government giving subsidies... if the government had a program offering you money, would you take it or decline it? I’m pretty sure if you’re honest with yourself you’d do exactly what Loblaws did and take the money.

[Richadio]

Folks need to step back and calm down.

Almost every grocery retailer in North America is posting record numbers because people are shopping more at their stores and aren’t eating out as often. It’s not that they’re screwing anybody, it’s that dining habits have changed during the pandemic. It would actually be a challenge not to post record numbers with how busy grocery stores have been! They’d really have to mess something up badly.

As for the government giving subsidies... if the government had a program offering you money, would you take it or decline it? I’m pretty sure if you’re honest with yourself you’d do exactly what Loblaws did and take the money.

Soooo you're saying that Loblaws could not afford to do this upgrade on their own accord that they needed to ask the federal Liberals for the money?
Of course any sane individual just may take that money if they weren't making a couple million dollars a year. Just goes to show what you can get when you support and contribute to an organization eh.

[Jonrox]

I’m not saying they couldn’t afford it, but if the programs and money are there why wouldn’t a company take advantage of them? You actually have an issue with the government programs, not Loblaws.

The naivety in this thread about government subsidies and programs for businesses both big and small is interesting. I think some of you would be shocked by the scale of these programs. The money Loblaws got is a drop in the bucket.

[Richadio]

I’m not saying they couldn’t afford it, but if the programs and money are there why wouldn’t a company take advantage of them? You actually have an issue with the government programs, not Loblaws.

The naivety in this thread about government subsidies and programs for businesses both big and small is interesting. I think some of you would be shocked by the scale of these programs. The money Loblaws got is a drop in the bucket.

So for a company of this size, you think it is totally fine to take money from taxpayers for private investments on assets?
They avoided paying taxes on earnings and hid profits in the Caribbean.

In 2018, Loblaws was ordered to pay back taxes of $368 million in relation to a banking subsidiary in the Caribbean.[8] It involved a Loblaws Inc. subsidiary in Barbados that had been renamed Glenhuron Bank.[13] Loblaws had net earnings of around $800 million in 2018,[8] and profits of $3 billion.[14]

The Canadian Environment Minister Catherine McKenna in April 2019 was criticized for allowing $12 million to go to Loblaws for new refrigerator installations

[Even Steven]

Meh. There are lots of programs available to companies nowadays - they don't have to be broke to take advantage of them.

Take CEBA for example - any company can apply for CEBA loan. You get $40K into your account, and only have to pay back $30K interest-free, thus keeping $10K (soon to be $60K loan, with only $40K being paid back). There are no profitability criteria for it. You don't have to be broke, you don't have to be struggling.

Any company can apply for it. Would be dumb not to apply for it, actually. $20K for free!?

[fluffy]

The part that gets me is the cancellation of Covid risk pay. If anything the risk is getting worse with the surge in cases and a refusal on the part of retail stores to enforce mask wearing. It's no coincidence that front line workers in retail are also at the low end of the pay scale.

[Richadio]

The part that gets me is the cancellation of Covid risk pay. If anything the risk is getting worse with the surge in cases and a refusal on the part of retail stores to enforce mask wearing. It's no coincidence that front line workers in retail are also at the low end of the pay scale.

I do agree with you on that. Was shocked to learn that three major grocery chains simultaneously pulled the pandemic pay.
Some cashiers in major stores do make slightly less than minimum wage or just over.

Cashier: No Frills $14.81/hr
Safeway 13.97
Save On Foods 13.94
Costco 14.76

Retail: Home Depot $15.47
CDN Tire/assoc 14.53
Wal-Mart 13.79

source: Indeed

[Even Steven]

How much would you expect cashiers to make?

[fluffy]

How much would you expect cashiers to make?

It used to be an excellent living in major grocery store chains, but that was back in the day when big companies actually felt some responsibility towards their employees.

[fluffy]

A "living wage" in BC, based on two full time working parents with two children ranges from $19.50 in Vancouver to a low of $15.54 in the Fraser Valley. It's probably a safe bet that Kelowna would come in on the higher end of that scale with the cost of housing. The minimum wage in BC is currently $14.60. Not exactly higher math.

http://livingwagecanada.ca/index.php/living-wage-communities/british-columbia/

[oneh2obabe]

I do agree with you on that. Was shocked to learn that three major grocery chains simultaneously pulled the pandemic pay.
Some cashiers in major stores do make slightly less than minimum wage or just over.

Cashier: No Frills $14.81/hr
Safeway 13.97
Save On Foods 13.94
Costco 14.76

Retail: Home Depot $15.47
CDN Tire/assoc 14.53
Wal-Mart 13.79

source: Indeed

Wages shown on Indeed, Glassdoor or Neeuvo are averages based on what employees (past and present) have reported across Canada. Minimum wage in BC is $14.60 per hour as of June 1, 2020. Will be hiked to $15.20 effective June 1, 2021.

[Even Steven]

How much would you expect cashiers to make?

It used to be an excellent living in major grocery store chains, but that was back in the day when big companies actually felt some responsibility towards their employees.

I've never heard of cashiers joining the middle class through working a job that doesn't require any education or physical labour. What excellent living? May be by staying in one place for decades and union membership? Even then I doubt it ever provided excellent living.

To me its the kind of job that I'm not surprised to be barely above min. wage. If a job can be done by just about anybody...it reflects on pay, usually.

[GordonH]

How much would you expect cashiers to make?

It used to be an excellent living in major grocery store chains, but that was back in the day when big companies actually felt some responsibility towards their employees.

I've never heard of cashiers joining the middle class through working a job that doesn't require any education or physical labour. What excellent living? May be by staying in one place for decades and union membership? Even then I doubt it ever provided excellent living.

To me its the kind of job that I'm not surprised to be barely above min. wage. If a job can be done by just about anybody...it reflects on pay, usually.

At one time hourly rate at grocery stores like Safeway were pretty good, then everything changed because a company came along that didn’t give a damn about it’s employees.
Did give a damn about shareholders, so everyone had to follow along (new hires wages was lowered to minimum). This is 1 of many reasons I will never step foot into this business ever.

[fluffy]

May be by staying in one place for decades and union membership?

There could have been some of that to be sure. That was the way of things then. You could buy a house and have a new car in the driveway on a single income with something like a bank job or a grocery store job with some seniority. I've been shopping in Pentiction for a few decades and watched things change. Where there used to be someone at Safeway that you'd seen there for ages now it's all part time employees with not enough hours to qualify for a benefit package, and the long time union members were offered very generous buy-outs for early retirement. Nothing unusual by any means, but a long way from honest concern for employee welfare.

[Richadio]

I do agree with you on that. Was shocked to learn that three major grocery chains simultaneously pulled the pandemic pay.
Some cashiers in major stores do make slightly less than minimum wage or just over.

Cashier: No Frills $14.81/hr
Safeway 13.97
Save On Foods 13.94
Costco 14.76

Retail: Home Depot $15.47
CDN Tire/assoc 14.53
Wal-Mart 13.79

source: Indeed

Wages shown on Indeed, Glassdoor or Neeuvo are averages based on what employees (past and present) have reported across Canada. Minimum wage in BC is $14.60 per hour as of June 1, 2020. Will be hiked to $15.20 effective June 1, 2021.

I pulled wages from BC, not Canada averages.