The chief operating officer of Costco Wholesale Corp.’s international and Canadian division made the comments in
"We have mitigated price increases and accelerated price decreases as input and commodity prices drop," Riel told MPs in French.
Amid pressure on grocers to stabilize food prices, Riel said
"We have increased the number of items by 12 per cent in the last four years," Riel said in French, adding that the
The starting hourly wage for
Like the other grocers, Riel said suppliers continue to come to
Instead, Riel said the company always looks for ways to lower prices and does what it can to mitigate price increases. He said the company's membership model allows it to offer products at the lowest possible price.
"Our strategy has worked because we offer a value. And because of this, our membership basis is extremely strong and has continued to increase in the
Last fall, the federal government summoned leaders from the five major grocery sellers in
The grocers have been in the hot seat multiple times over the past year, appearing before the
They have also been pressed on whether they will sign an industry-led grocery code of conduct intended to level the playing field for smaller players in the food sector. Loblaw and Walmart Canada have expressed concern that the code will raise prices for Canadians.
Riel told MPs Tuesday that if the code is well-defined and its principles are consistent with the wholesaler's own principles, it will sign the code.
But right now,
"We look forward to reviewing the details of how the code will function day to day, who will participate, how disputes will be resolved, and in the end, how the code will impact food prices for the Canadian public," Riel said in French.
Net sales increased 6.1 per cent, and increased 6.4 per cent in
This report by The Canadian Press was first published
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