Loblaw leaders push back on ‘misguided criticism’ of grocer as boycott begins

A push to boycott Loblaw stores appears to be gaining momentum. Plus, Apple's earnings report is better than expected, and an interest rate cut could be coming soon. Ari Rabinovitch reports.

By The Canadian Press

Loblaw’s new chief executive, as well as chairman Galen Weston, pushed back on what they called “misguided criticism” of the grocer as a push to boycott the company gains steam online. 

President and CEO Per Bank said at the grocer’s annual meeting that there’s a lot of misinformation online about Loblaw, and said the company is not responsible for higher food prices.

A Reddit page created for Canadians to complain about Loblaw and the other major grocers, where the talks of a boycott began, now has 66,000 members.

Consumers are frustrated with food prices, which rose by double-digits over just a few years while Canada’s biggest grocers reported higher profits. 

Bank and Weston also criticized recent calls to steal from Loblaw, which the boycott organizers have said they are not affiliated with. 

On Wednesday, Loblaw reported profits grew almost 10 per cent year-over-year to $459 million. 

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