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Walmart Canada head says “perfect storm” led to rising prices, pushes back against profit claims

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Speaking to the House agriculture committee on Monday, the head of Walmart Canada, Gonzalo Gebara, told MPs that rising prices were caused by "a perfect storm" of external factors, not price-gouging.

“In the case of our business, our sales went up during the pandemic because, as you know, we were counter-cyclical to other industries. So our sales grew, and last year, I will say our gross margin on those sales was lower than in previous years for the reasons I explained earlier on this perfect storm around inflation and cost inflation,” Gebara said.

He also pledged that the company “will support any initiative that would bring better conditions and the ability to have more transparency in the whole chain.”

Ahead of the 2023 Canadian budget release, Finance Minister Chrystia Freeland has promised in pre-budget speeches that the spending plan would include “targeted” support for vulnerable Canadians after a year of decades-high inflation and rising interest rates putting pressure on households.

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, Walmart, Walmart Canada
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