We said, “It’s a tax on everything and it’s going to raise prices on everything.”
They said, “Don’t be a denier. It’s ‘capitalism’. It’ll drive innovation.’
We said, “Costs will out pace the profit margins and business will cut back and increase the costs to consumers.”
They said, “Don’t be ridiculous.”
They said:
I don't think it should ever be okay — that in Canada Loblaws earned $520 million in Q4 profits while Canadians turned to food banks in record numbers.
Today – CEOs like Galen Weston have been summoned to Parliament – they’ll be forced to answer for it.
— Jagmeet Singh (@theJagmeetSingh) March 8, 2023
We said, “Told you so.”
Meethead says “I’ll Huff and I’ll Puff, and blow your house down!”
Justin’s preening and posturing man servant ‘Karim’ play acting at our expense, while the country goes down the drain. Is his Rolex still keeping time?
Check out their gross profit margins — it’s been about the same, on average, for the last 5 years.
https://ycharts.com/companies/LBLCF/gross_profit_margin
Singh & Turdeau want government to set and control prices, company profits during inflation caused by government is an easy target for blame and demand more government intervention, that caused the problem in the first place. The circular thinking of lefties, makes ya dizzy.
Price controls oughta work; they always have in the past!?
Do the math. They make approx $2500.00 per day per location , big deal given the capital invested , the people they employ and the taxes they pay. The NDP are golden goose killers always have been and always will be , economic simpletons.
The other part of the math – if they reduced their profit to zero it would equate to approximately $1.25 per person, maybe $4 per family per week on an average $250 per week grocery bill.
Also – why don’t journalists do the math and point this out? Never mind, that’s why they went to journo school
“Also – why don’t journalists do the math and point this out? Never mind, that’s why they went to journo school”
Don’t.
More like can’t.
While people wouldn’t dream about bragging about their illiteracy as it is a social stigma, they’ll proudly tell you they can’t do math.
And this is planned, after all. A wise boss once told me, “you can’t manage what you can’t measure”.
So decades of grade inflation and “math is hard”, and you get tens of millions of voters who can’t tell relative risk, simple math or anything related to economics.
While people wouldn’t dream about bragging about their illiteracy as it is a social stigma, they’ll proudly tell you they can’t do math.
I have a B.Math and I have occasionally picked up side money tutoring adults who were given a substandard math education by our useless education system. Their innumeracy is not their fault; math education in Ontario is a goddamned dumpster fire.
I have no sympathy for, and will ruthlessly con using basic probability, people who are proud of being innumerate. That kind of stupidity needs to hurt.
I’m sure that if the NDP took over running those same 2400+ stores, they could be losing money within 6 months.
You are an optimist, sir. Unprofitable in days, bankrupt and shuttered in 6 months.
“… bankrupt and shuttered in 6 months …”
– Which is the whole point of why they do all this $hit. ” – All those unemployed former employees – all those illegal immigrants – tack ’em onto the welfare rolls! Our ultimate captive voters!”
“Are you, or have you ever been, a capitalist?”
“I have here in my hand a list of two hundred and five people that were known to be capitalists”
I somehow doubt Galen Weston is going to mention the carbon tax but he should.
The facts are that if I have to buy a dozen eggs at $4 a dozen from the supplier next week then the stuff on the shelf now has to be sold at a price that covers the next purchase, or there’s not going to be anything but bare shelves in the very near future. The inflationary spiral we’re in will drive the costs of consumables to their absolute limit.
The loose monetary policy of the last 2 decades has made this situation inevitable. The only way out is through sound money, but we’ll try the easy path of deficit spending until we’re teetering on the edge of complete collapse.
Loblaws made $575,000,000 on revenue of $14,007,000,000 or a profit of 4.1% in q4
Q3: 3.8%
Q2: 4.4%
Q1: 3.7%
Will someone ask the Posturing Champagne Socialist what the acceptable profit rate is?
Yeah, it’s amazing isn’t it? A quick check of data for Walmart showed a net income per employee for 12 months up to October, 2022 of $2,035. And yet morons like Meathead would push up the “minimum wage” which would effectively eat up that net income and Walmart would be operating at a loss. I am so sick of these economic morons.
Nothing stops Jagmeet and his NDP friends from owning farms, growing crops, and selling them in NDP grocery stores.
What are those number thingies?
Looks kinda racist.
Thanks JD. I mentioned food profits last week but I did not break the numbers down. I just said food margins were very low.
Just SOP for the government. They create a problem and then pretend it was caused by someone else so they can try appear to be the hero of the story.
Bingo.
The profit per employee data indicates that “financials” and “technology” industries have the highest with food down the list a considerable way. It’s always funny what targets idiots like Meathead go after.
Remind the moron who paid $2,000 for a rocking chair that price-fixing, food boards, carbon taxes and unfettered government spending have done far more damage than one Liberal donor who received $12 million for a fridge ever could.
But this isn’t about the root causes of high prices. It’s about looking like one is actually working.
When his idiot voters finally send the Westons away to a tropical island, who will they blame for not being able to fuel the cars they need to buy the food they cannot afford?
Amazing how moron and idiot is thrown around here so easily…………
Yet seems to me that said speakers are the end recipients of all that government “largesse” and seem quite content to whine, mewl, kneel and not much else.
Just who is the bigger moronic idiot……….those who don’t see it coming or those who do, yet do nothing?
I’m still mad over the bread price fixing scam these grocery chains colluded in To my knowledge still no legal charges years later
The bread price fixing was pretty much biblical in its cynicism and bloody mindedness. Can’t forgive them on that one.
Oh, and pickles. Freakin’ pickles that are imported from India. What does it cost to transport pickles in brine packed glass jars halfway around the world? What’s the carbon footprint of those damn pickles and their jars? You import your store brands from the other side of the planet and then you lecture me about being a bad human being when I want a plastic bag at the checkout. Screw you, Co-op!
Do you and my brother go bowling?
He goes on about the same thing! 🙂
Is he the guy that always brings the jar of Sweet Mixed and a box of crackers to the bowling alley?
You must be thinking of someone else! 🙂
Better than that, there used to be factories making pickles in Southern Ontario. Not anymore.
I noticed no price fixing as bread was always on sale at a discount somewhere.
Typical BC-er. Just read an article that people in BC’s major centres actually want the Handy Dart fares to increase????
Bend over…..OKAY!….Sorry
“Canada has gone full Commie” a friend stated as his reason for moving to a warmer climate. He looks more perceptive by the day.
I don’t have a problem with Loblaws making a profit but how about reimbursing taxpayers for the free freezers from a couple years ago?
(polite applause)
The problem isn’t in the reward, it’s in the offer. The government should not be giving our money away like that. Can’t blame Loblaws for applying for a tax credit.
And the NDP Parrot squawked: “PRICE CONTROLS, PRICE CONTROLS!!!” Then just like magic the shelves were empty.
Meanwhile the carbon tax goes up and up and up.
No one seems to factor those in.
With the several things wrong in this country, topping it off is the typical blinkered thinking of the average Canadian who believes that success makes him feel shame.
Sure, the Westons have benefited from the Liberals, just like Justin has benefited from everyone else (not having the ability to even feed himself). No one had a problem during the lockdowns or when the Westons were getting fridges or the regulatory boards or the lack of competition or the high taxes …
One could certainly go on!
” – they’ll be forced to answer for it.”
Shopping bags which stores once provided ‘free’ now cost 25 cents – plus GST.
I don’t care if Loblaws, “No Frills”, or Superstore earns $1 Billion each year.
Their groceries and produce here in Calgary is priced so much lower than Safeways, Sobeys or Calgary Co-op (especially these clowns. I have no idea who shops at Co-op their prices are insane.)
If all politics “are local” then so is food. There are a few local vendors in Calgary who sell produce for less, but it’s all from the back end of the warehouse, produce with 1/2 life left in it, while Superstore in particular is always fresh and much less money than the others.
If the gov’t of tier 2 Canada smashes Loblaws, in the west there will only be the above listed companies, and consumers (and gov’t) will be left scratching their heads as to why lettuce is +$6 a head, and prices at crappy Safeway are escalating by the day.
Calgary Coop, Safeway, Sobeys = are all dumps full of tier 2 crap at 2X prices.
Actually price comparing at the local organic markets or “farmers markets” is even more ridiculous. I think the only clowns shopping there are those gov’t civil servants who have no worries as to where their next pay check is coming from.
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Yes, if the price of eggs goes any higher, people won’t be able to buy those little block thingies that turn the toilet water blue. Or coffee in little one cup pods. Or pre-sliced cheese.
Or the latest iPhone. Or get tattoos and piercings! The humanity!
Lattes
Adidas/Nikes
Avachado toast
burgers
Anything “orgasmic”
Well maybe pot
Booze going up April Fools, and MP salary
Shut down the economy for two years and then get involved in a war where your main antagonist decides to turn off much of your energy supply. If that doesn’t snarl supply chains and raise consumer prices, I don’t know what would.
get involved in a war where your main antagonist decides to turn off much of your energy supply
I guess you’re referring to Vicky Nuland, Tony Blinken, Jacob Jeremiah Sullivan, and ol’ Joe The Big Guy Biden.
For what it’s worth, I agree. They are enemies of the human race.
Just a reminder that Jagmeet gets a raise of $5100 on April 1, 2023.
Trudeau gets a $10,200 raise.
And with all the travel Climate Justin does, much of his food and drink is paid for by taxpayers.
And us regular shmucks get an increase in the price of beer.
The Spawn Fuhrer, his Reich enabler Singh, and the Spawn’s father all share their silver spoon trust fund upbringing. None ever dirtied their fingernails in real work and all are pathologically obsessed with control over how everyone else should live their lives…. at gun point. And what’s worse, they are worshipped by people who can vote. The electorate should be renamed useful idiots participating in the slow suicide of democracy.
(standing ovation)
true John.
I watched Jagmet trying to be tough on Loblaws. Problem is, the government is responsible for food inflation, not Loblaws.
I would tell the government that if it is so concerned about food to open its own grocery stores but we’d all starve.
Food banks are government grocery stores.
Spare me the outrage Jaggy-baby. If you were so concerned about the plight of Canadians you and you alone could put an end to it by calling for a non-confidence vote. But you are too busy building your retirement plan. You know full well that comes the next election you and dozens of others will be burned toast on the Canadian electoral map. It can’t come soon enough.
Profit, such a dirty word. Care to look at the increase in govt tax revenues, Jagmeet?
Singh is not a mere idiot. He is a grandstanding apex idiot who thrives on putting his idiocy on full display every day.
Waiting for Weston’s tearful apology.
MPs taking pay raise same day they stiff taxpayers
On April 1, the federal government is increasing carbon and alcohol taxes while MPs take their fourth pay raise since the onset of the COVID-19 pandemic.
As of April 1, MPs will receive an annual salary about $15,700 higher than they did pre-pandemic, while the prime minister will take home an extra $31,400.
The federal carbon tax will be cranked up to 14¢ per litre of gas and 12¢ per cubic metre of natural gas on April 1.
https://torontosun.com/opinion/columnists/terrazzano-mps-taking-pay-raise-same-day-they-stiff-taxpayers
The concepts of turning a profit, efficiency, competitiveness, and quality are foreign to public sector.
Moron Singh is a note perfect villain from Atlas Shrugged – brain dead socialists blaming the capitalists who struggle to keep society functional for the entirely foreseeable outcomes of the government’s moronic and destructive economic policies.
The best part is that when his “fellow socialists”, starving and vengeful, come to string him up to the lamp post, he’ll still be shrieking that he’s on their side, and that they should pay no attention to the Rolex.
Under what law can dogmeat summon anyone not guilty of some violation?
Profit is not yet illegal.
If they can’t force you, I would tell them to shove it.
According to the Food Professor Canadian margins are double those of their US counterparts. That is because there is no competition in the Canadian food industry. Three companies own everything. Oh sure there are independents (rare) and here in the west we have these things call coops (don’t get me started) but we don’t have 1 legit discount grocer.
I for one do not consider a 4.1% profit adequate in any business.
If people adhered to the following, the commies wouldn’t stand a chance. The commies bank on you failing it.
Thou shalt not covet thy neighbour’s house, thou shalt not covet thy neighbour’s wife, nor his manservant, nor his maidservant, nor his ox, nor his ass, nor any thing that is thy neighbour’s.
How about just his maid servant? I certainly don’t covet his ass!!
MikeT
What are you talking about?
I got his point, socialism is a political philosophy based on envy, where people are encouraged to take away the assets of their neighbours and create “equality” — and he’s also right that this is behind the scapegoating of the grocery chains for the general failure of the economy. If the Libs and their junior partner water fetchers want to know why things cost so much, they need look no further than their own budgets and taxation policies. Everything becomes more expensive, in particular transportation, because of these useless taxes (to fix the climate, they say, then they do nothing with all the money they raise except to give most of it back to people in a transparent income equalization scheme — if that’s what they really want to do, then just say so and find out if the voters want to support it as such; to pretend that the extra money you pay at the pump or on your hydro bill would somehow fix the climate is ridiculous on several different levels.
I just hope Justin can afford his mascara. Has anyone else noticed, the guy seems to be wearing false eyelashes? What’s next, stories at the library?
A army marches on its stomach.. If they continue to make everything as expensive as possible even the deepest of the dippers will be screaming for blood.. Consider yourself warned..