Walmart Canada CEO says retailer not trying to profit from inflation
Walmart Canada is not trying to profit from food inflation, president and CEO Gonzalo Gebara told a parliamentary committee studying the issue Monday evening.
Gebara’s comments before the committee followed a highly anticipated appearance by the leaders of Canada’s three biggest grocery chains on March 8. Gebara said Walmart Canada strives to maintain a price gap between its products and those sold by its competitors, naming the other grocery giants. “The past two years have presented a perfect storm of external factors that have driven up food prices,” he said. “These inflationary pressures are passed through the entire supply chain.”
Galen Weston, the billionaire chairman and president of Loblaw, told MPs earlier this month it’s “impossible” that grocers could be causing food inflation, and said the company makes bigger profits off the non-food parts of its business such as apparel and pharmacy.
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