Galen Weston and his family, paragons of corporate greed in Canada, appear to have made less money in recent months than they did last year, according to the latest figures released Tuesday.
After George Weston Limited – operators of Loblaws – was criticized (and investigated) for reporting record profits as food prices rose above the general rate of inflation, it said its profits in the second quarter of this year were significantly lower than in the same quarter Period 2022.
Of course he is. As the owner of one of our two major grocery chains, he found a way to blame the increase in supply without paying farmers more. It also blames inflation, which is mainly caused by rising food prices (great idea). Fuck us, right?
— The Soltesz (@TheSoltesz) November 24, 2022
The staggering $498 million the company made between April and June is actually 21.5 percent down from last year’s Q2 earnings, which were a staggering $634 million.
Of course, we’re comparing numbers here that are completely unimaginable to the average person, but it’s nonetheless a development that will be welcomed by Canadians who are struggling to afford forever overpriced groceries.
It is noteworthy that the revenue, profits and sales of Loblaw Companies Ltd. year-over-year, but “unfavorable liabilities” at Weston’s Choice Properties real estate investment trust division pushed the stats down.
Shoplifting is self defense
— Florian François (@FeF_Florian) November 17, 2022
George Weston Ltd. is led by the much-hated Galen Weston Jr., who surprisingly announced earlier this year that he would step down as President and CEO of Loblaw effective 2024.
He remains chairman of the Loblaw board of directors, as well as chairman and CEO of George Weston.