07:11:38 EDT Wed 08 May 2024
Enter Symbol
or Name
USA
CA



Metro Inc
Symbol MRU
Shares Issued 227,223,950
Close 2024-02-06 C$ 70.33
Market Cap C$ 15,980,660,404
Recent Sedar Documents

Globe says Metro CEO sees prices moving up

2024-02-07 07:46 ET - In the News

Also In the News (C-COST) Costco CDR (CAD Hedged)
Also In the News (C-EMP) Empire Company Ltd
Also In the News (C-L) Loblaw Companies Ltd
Also In the News (C-WMT) Walmart CDR (CAD Hedged)

The Globe and Mail reports in its Wednesday, Feb. 7, edition the Jan. 31 expiry of an annual three-month freeze imposed by the country's largest supermarket chains on supplier prices often leads to sudden spikes in the average food bill. The Globe's Konrad Yakabuski writes that this year is unlikely to be any different. Metro chief executive officer Eric La Fleche said last week, "Unfortunately, there will be some prices starting to go up." More price hikes at the grocery store will only feed Canadians' anger toward the big three domestic supermarket chains -- Loblaw, Empire's Sobeys and Metro -- that account for about 60 per cent of all retail food sales in Canada. The Competition Bureau's 2023 inquiry into grocery prices found the chains increased their gross margins by "a modest yet meaningful amount" in recent years. However, without the power to subpoena documents, it could not determine why grocers had been able to increase their margins. The bureau nevertheless deemed that higher margins were "a sign that there is room for more competition in Canada's grocery industry." The Globe is dubious that the arrival of another foreign supermarket chain would have much impact on grocery prices in Canada.

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