People shop in a grocery store in Montreal, Wednesday, November 16, 2022. (Photo: Canadian Press)

By Canadian Press

Grocer profits set to exceed record in 2023, expert says, ahead of committee meeting

Dec 11, 2023 | 9:58 AM

OTTAWA, ON – 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 Flèche, 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.

Nighttime construction on Hwy 3 in Lethbridge starts April 17

Apr 17, 2025

SASHA launches #BuyABed fundraiser to support vulnerable Lethbridge residents

Apr 04, 2025

$20K grants available: TELUS STORYHIVE Pan-Asian Edition opens applications April 1

Mar 18, 2025

The major grocers have been under pressure from the government to enact plans that will help stabilize food prices for Canadians.

This report by The Canadian Press was first published Dec. 11, 2023.

Companies in this story: (TSX:MRU)

READ MORE: Grocery CEOs deny accusations that food price inflation is driven by profit-mongering

—

If you have a news tip, question or concern, please email Lethbridge.newsroom@Pattisonmedia.com.

For local news delivered daily to your email inbox, subscribe for free to the Lethbridge News Now newsletter here. You can also download the Lethbridge News Now mobile app in the Google Play and the Apple App Stores.