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How Loblaw and Metro are coping with food price inflation and sustainability challenges
Two of Canada's largest grocery chains, Loblaw and Metro, have reported increased sales and profits for the third quarter of 2023, despite facing public criticism over their role in food price inflation.
Loblaw posted a net income of $421 million, up 12% from the same period last year, while Metro saw its net earnings rise 9% to $191 million. Both companies attributed their strong performance to higher demand for food and pharmacy products amid the ongoing pandemic, as well as their investments in e-commerce and digital initiatives.
However, they also acknowledged the challenges of rising costs and supply chain disruptions that have contributed to higher food prices for consumers. Loblaw and Metro have recently added a new title to their executive teams: Chief Sustainability Officer, who will be responsible for overseeing their environmental and social impact strategies.
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