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1. Columnists
CHARLEBOIS: THE GENIUS OF THE 'GREEDFLATION' CAMPAIGN
Author of the article:
Dr. Sylvain Charlebois
Published Dec 14, 2023 • Last updated Dec 15, 2023 • 3 minute read
9 Comments
Shopping basket with food on a pile of receipts. Photo by Stock art /Getty
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ARTICLE CONTENT
When it comes to selecting the most significant non-scandal of 2023, the
“greedflation” campaign is by far the absolute winner. Politicians, and even
some knowledgeable economists, have convinced many that Canadian grocers have
taken advantage of the recent inflationary cycle to profit unfairly. Despite
compelling data and many reports pointing to the contrary, many Canadians,
including several reporters, remain convinced of this narrative.
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Jim Stanford, an economist known for commenting on food prices, is the most
recent example of how Canadians seem to be embracing arguments against food
companies without questioning their validity. Stanford recently claimed that net
profits for grocers in 2023 would surpass $6 billion for the first time, a
statement that gained significant attention and raised the ire of politicians
and many Canadians. The media largely accepted these claims as fact without
delving into the source of the data.
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It’s important to note that the figures provided came from Statistics Canada,
rather than corporate financial statements, which arguably would be more
reliable. Statistics Canada’s Table 33-10-0225-01 which was used for the $6
billion argument can include convenience stores, specialty food stores and not
just major grocers.
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Net profits are not a suitable metric to consider unless the intention is to
sensationalize the issue of profiteering. To assess whether a grocery chain is
indeed profiteering, one can look at gross profit margins, calculated as
revenues minus the cost of goods sold. It’s worth mentioning that the gross
profit margins for our major grocers have remained relatively stable over the
past five years, based on data from their financial reports (See Figure).
Now, let’s also examine profits, a topic that politicians often emphasize. The
combined net profit for the three major Canadian grocery chains (Loblaw, Sobeys,
and Metro) in the past 12 months amounted to $3.808 billion. It is highly
unlikely that this figure will exceed $6 billion in the current year, as claimed
earlier this week. To reach such profits, these chains would need combined
revenues totalling $110.6 billion over the past year. When considered as a
percentage of total sales in the last 12 months, the combined profits represent
only about 3.4%, which is an incredibly modest return. Additionally, this figure
includes non-food items like cosmetics and prescription drugs, which typically
have higher profit margins.
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In essence, though, there is nothing inherently wrong with profits, and in a
functioning economy, companies should report increased profits annually due to
inflation. Canadians should understand this. People’s salaries increase, the
prices of goods and services rise, and naturally, net profits increase in dollar
terms. This is why it is critical to analyze percentages over time for a more
comprehensive assessment.
In 2023, emotions seemed to overshadow a proper understanding of the food
business world and food supply chain economics among many Canadians. Blaming the
food industry has been, and continues to be a convenient diversion for
politicians, diverting attention away from the real issues impacting inflation,
such as public overspending and fiscal policies, among others.
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However, grocers are not without blame either. Beyond profiteering, the industry
has some challenges to address. Regulatory compliance has been an issue, and the
bread price-fixing scandal has certainly tarnished the industry’s reputation.
While it’s true that some level of greed exists in the food industry, as in any
economic system, it can also be taken to an extreme.
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Our grocery chains here in Canada are well-managed, but it is also to note that
profit margins in other countries like the United Kingdom and the United States
are about half of what they are here. While acknowledging that the evidence of
profiteering in Canada is weak at best, there is a need for more competition in
the market.
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Francois-Philippe Champagne, the Minister of Innovation, who is on a mission to
increase competition, has called upon other grocers abroad to invest in Canada.
However, the challenge lies in making Canada an attractive destination for
investment, which cannot be achieved without a mandatory code of conduct that
levels the playing field between the major grocery chains, independent grocers,
and suppliers alike. Right now, players like Loblaw and Walmart have way too
much influence and are dictating supply chain rules, a dimension consumers don’t
necessarily see. It’s been like that for a while now.
With a well-defined mandatory code of conduct, Canadians may have to wait a
considerable amount of time before witnessing the entry of new grocery players
into the Canadian market.
— Dr. Sylvain Charlebois is senior director of the agri-food analytics lab and a
professor in food distribution and policy at Dalhousie University
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