The president and C-E-O of Walmart Canada says the company is not trying to profit from food inflation.
Gonzalo Gebara told M-Ps on a parliamentary committee that Walmart Canada's gross profit rate for its food business declined last year, as did the company's total operating profit in dollars.
M-Ps pressed Gebara on the fees and penalties that grocers charge suppliers, which are being discussed as part of efforts to create a grocery code of conduct.
He says Walmart Canada has received a draft of the code of conduct recently and is reviewing it.
On March 8th, the C-E-Os and presidents of Loblaw, Metro and Empire told the committee that food inflation is not being caused by profit-mongering, and insisted their margins on food have remained low.
Grocery prices were up 10.6 per cent in February compared with a year ago, while overall inflation was 5.2 per cent.