During the company’s second quarter earnings call on Thursday morning, Loblaw executives fielded questions from analysts about the grocery giant’s soft food retail sales — and whether a boycott organized online had impacted the company’s profits at all.
Some Canadians have been boycotting Loblaw since May, after the moderators of an online Reddit group called r/loblawsisoutofcontrol began encouraging its then-45,000 members to stop shopping at the store and its subsidiary brands.
During the company call, neither CEO Per Bank nor chief financial officer Richard Dufresne used the word boycott. But they didn’t deny that it was a factor in food retail sales that “came in a little soft” compared to the same time last year.
The company’s earnings results note that food retail same-stores sales increased by 0.2 per cent in the second quarter of this year, compared to a 6.1 per cent increase during the same quarter last year.
I wish I could have continued the boycott but I spent like 30% more on groceries when I was avoiding Loblaws properties and it was not sustainable. What’s the solution when every store is gouging?