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"How much profit is too much profit?": Singh grills Loblaw executive on food inflation | FULL

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The top executives at Canada’s big three grocers faced questions from members of Parliament on Wednesday afternoon as Canadian households continue to deal with soaring food costs.

The CEOs and presidents of Loblaw Cos. Ltd., Metro Inc. and Empire Co. Ltd. — which operates chains including Sobeys, Safeway and FreshCo — testified before the House of Commons agriculture committee as part of its study on food inflation. NDP leader Jagmeet Singh pressed Galen Weston, the chairman and CEO of George Weston Limited, as well as the Chairman and president of Loblaw Companies Limited during committee.

"How much profit is too much profit? You're making more money than you've ever made" Singh asked Weston.

"Reasonable profitability is an important part of operating a successful business. I think a dollar out of $25 dollars of sales is reasonable profitability," Weston said. "It doesn't go to me, it goes back into this country," he added.

In the past, Singh has accused the grocery giants of price-gouging Canadians en route to higher profits in 2022.

For more info, please go to https://globalnews.ca/news/9534180/food-prices-canada-grocery-ceos-inflation/

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Category
U.S. & Canada
Tags
global news, grocery prices, groceries
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