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.
