Walmart Canada not looking to profit from inflation, says CEO
Walmart Canada boss says the company's gross profit rate for its food business fell last year, as did its operating profit total in dollars. (Photo archives)
The president and CEO of Walmart Canada says the retail giant isn't trying to cash in on soaring food prices.
Gonzalo Gebara s' spoke Monday night before a parliamentary committee examining food inflation, saying Walmart Canada's gross profit rate for its food business fell last year, as did the total operating profit of this company in dollars.
His comments before this committee followed a much-anticipated appearance by the executives of Canada's largest grocery chains on March 8.
CEOs and Presidents of Loblaw, Metro and Empire told the committee that food inflation is not caused by profit motives and insisted that their food margins have remained low.
Federal politicians have called for more transparency from the food retail industry as soaring food prices far outpaced headline inflation.
Mr. Gebara also told the committee that the past two years have seen a combination of external factors that have pushed up food prices.
Grocery prices rose 10.6% in February from a year ago, while headline inflation rose to 5.2%.