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500 sats \ 6 replies \ @satoshi_in_the_classroom OP 15 Sep 2023 \ parent \ on: Why we need Bitcoin: Canada Fed is blaming and threatening Grocers... 🤯😧 bitcoin
Disagree. Read my comment below. Sobeys +profit YOY by ~50%. 😳 there is a concentration of grocers in Canada that drive lower prices and even then... read my comment below.
"Gouge" in the wrong word. But increase prices out of correlation and line with costs of production is more accurate.
"Read my comment below. Sobeys +profit YOY by ~50%"
That in it of itself doesn't mean much. What is their net income over revenue ratio?
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Good point.
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Sobeys or parent company empire? Please link data.
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Most Canadians colloquially call the conglomerate "Sobeys" which is what I was referring to. Out east they have a chain but across Canada they have other brands. Safeway, thriftys etc.
Financials are public on their website. Shell helped but even still. The company is crushing it lol.
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Yes, I understand but Empire has been restructuring for years and acquiring brands so if I don't know if the numbers you were referring to are comp store sales or inclusive of a brand acquisition.
If I own the local coffee shop and my sales are 1M this year but buy the coffee shop down the street that generates 500k sales I just increased revenue by 50% even if each individual store didn't generate any revenue increase.
So if we aren't talking comp store sales the data is murky and susceptible to false narratives. I am not saying that's the case here but would need to look at the financial reports to determine.
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That's a great point! I always teach my students to scrutinize stats. Yes the specific data is more forgiving. Esp since grocers often dip in and out of gas station business. Which sobeys/empire did for a profit. So the narrative sounds worse that it is.
I have no problem with charging whatever they want mostly.
But there are only a few grocer conglomerates now in Canada. Which sets an intersting stage.
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