5,000 signatures reached
To: Loblaws Board of Directors
Stop the Loblaws Price Hike
Loblaws: stop profiting from inflation at our expense.
Why is this important?
Loblaws is profiting from inflation — raising prices more than they have to and hitting Canadians with sky-high grocery bills.
Loblaws is raking in record profits at our expense. Last week at their AGM, Loblaws announced a banner quarter — a staggering 40% profit increase from this time last year. [1]
Worst of all? Loblaws isn’t just profiting off inflation — they’re DRIVING it. A recent report from the CCPA found that Canada’s inflation rate would be at least a quarter lower if not for the profiteering of companies like Loblaws. [2] A 25% increase in grocery costs could mean the difference between putting food on the table and paying rent.
Loblaw Companies Ltd owns hundreds of grocery stores across the country: their stores include Loblaws Market, Real Canadian Superstore, No Frills, Shoppers Drugmart, Loblaws Market, Joe Fresh and more. We all shop at these stores — and we’re all paying the price for their greedy profit margins. [3]
Loblaws should be making sure every Canadian can access the basic necessities of life. We already know they can afford it — they boasted $12 Billion in revenue this quarter alone, and gave $437 million in profit to their shareholders. [4]
Will you send an email calling on the Loblaws Board of Directors to stop profiting off inflation and bring grocery prices down while their record-breaking profits are still in the headlines?
Sources
[1-4] https://www.thestar.com/business/2022/05/05/critics-accuse-loblaws-of-profiting-from-inflation-as-profits-surge-by-40.html