Galen Weston, head of the family empire that includes Loblaws, is complaining about hikes in minimum wages in Ontario and Alberta, but today reported another round of huge profits.
Weston said the government increases in minimum wages will cost his companies about $190 million.
Second-quarter results show that Loblaw’s earnings increased from $515 to $624 million, that Weston Foods’ profits declined from $26 to $24 million and that the Weston Group had a profit of $160 million, up from $133 million a year ago.
Sales increased from $11.08 to $11.44 billion.
Weston said his companies will be forced to make cuts to offset the increases in minimum wages. In the past, that has included squeezing suppliers which, in turn, rolls down the supply chain to farmers.
Just another case of the one per cent putting the boots to those at the bottom of incomes.