Loblaw backs away from plan to end 50% discount on food nearing best-before date

2023 THIRD QUARTER HIGHLIGHTS

Revenue was $18,265 million, an increase of $877 million, or 5.0%.
Retail segment sales were $17,982 million, an increase of $852 million, or 5.0%.
Food Retail (Loblaw) same-stores sales increased by 4.5%.
Drug Retail (Shoppers Drug Mart) same-store sales increased by 4.6%, with front store same-store sales growth of 1.8% and pharmacy same-store sales growth of 7.4%.
E-commerce sales increased by 13.6%.
Operating income was $1,065 million, an increase of $74 million, or 7.5%.
Adjusted EBITDA(2) was $1,926 million, an increase of $80 million, or 4.3%.
Retail segment adjusted gross profit percentage(2) was 30.6%, a decrease of 20 basis points.
Net earnings available to common shareholders of the Company were $621 million, an increase of $65 million or 11.7%. Diluted net earnings per common share were $1.95, an increase of $0.26, or 15.4%.
Adjusted net earnings available to common shareholders of the Company(2) were $719 million, an increase of $56 million, or 8.4%.
Adjusted diluted net earnings per common share(2) were $2.26, an increase of $0.25 or 12.4%.
Repurchased for cancellation 2.9 million common shares at a cost of $341 million and invested $676 million in capital expenditures, net of proceeds from property disposals. Free cash flow(2) used in the Retail segment was $663 million.

And they want us to pay more? Fuck Loblaws and fuck the rest;

Atlantic Superstore, Dominion, Loblaws, Maxi, No Frills, Provigo Le Marché, Valu-Mart, Real Canadian Superstore, Wholesale Club, Your Independent Grocer and Zehrs.

"I think that's just wonderful news and isn't it good news to think that a large company like Loblaws is able to listen to the customers and react and do the right thing. I can't be more complimentary to them in terms of being able to see the light on this issue," VanGorder said.

This guy has lost his fucking mind

Good on Loblaws for... not going through something really scummy? Am I supposed to be happy about this?

At least it shows we (as in Canadians) have some say in it, but hopefully people will catch on to how brazen Loblaw's ideas are that are designed to screw us over.

I bet this was their plan all along.

• Make a small but obvious change that the public will grab onto as an icon of grocery store greed.
• Wait for public outrage
• roll back the change

Now the public has "a win" and feel like they've accomplished something, even though we're exactly where we were a week ago

Bob Loblaw

Isn't the point of these discounts to allow the store to unload goods that customers otherwise would avoid due to low remaining shelf life, and recoup some of the purchase costs? If they don't discount it will end up costing them money.

This is the best summary I could come up with:

Loblaw Companies Ltd. is backing down from its decision to nix a 50 per cent discount on food products nearing their best-before dates.

"We've listened to the feedback from our customers and colleagues and are reverting [where it existed before] to the 50 per cent off discounts," the company, whose stores include Atlantic Superstore, No Frills, Dominion and Freshmart to name a few, told CBC News in an email on Friday.

Earlier this week, CBC reported that an email from Loblaw Companies Ltd. stated it would no longer discount perishable foods like meat, fruit, and vegetables by 50 per cent as their best-before date approaches.

The decision was widely criticized by people who rely on the discount to eat, especially as the price of groceries continues to rise.

Bill VanGorder, the national advocacy chair for the Canadian Association of Retired Persons (CARP), welcomed the news and said it made his Friday evening.

"I hope that all the food retailers will look at this decision and realize that it's in their best interest to follow the needs of older Canadians across the country and be a part of giving them a comfortable life that they deserve to live," he said.

The original article contains 307 words, the summary contains 183 words. Saved 40%. I'm a bot and I'm open source!

I went to the store a week ago when this was implemented. There were 30% off items everywhere. Presumably people were not buying them and Loblaws had to throw stuff out. They are backing down not because they "listened to feedback" but probably because they are losing money. The greed wins again...