Boycotts against Loblaw-owned stores in May had a “minor” impact on sales, the company’s CEO said.

Loblaw Co. Ltd. reported minor decreases to their second-quarter earnings on Thursday, after the grocer was subjected to a grassroots boycott campaign by frustrated shoppers over the increasing price of goods.

Loblaw CEO Per Bank said during an earnings call that the “overall financial impact was minor.” CFO Richard Dufresne said that the boycott did have a “bit of an impact in certain stores in specific markets.”

“That said, at the end of the quarter, things had returned to normal,” he said.

The company missed analysts’ revenue expectations for the quarter, with same-store food sales up just 0.2 percent, reports Global News.

The slight dip was attributed by Dufresne as being due to the company earning a much stronger growth quarter a year ago when food sales rose by 6.2 percent.

Liberal MP Ken McDonald says Justin Trudeau's carbon tax is making life unaffordable for Canadians.

"I've had people tell me they can't afford to buy groceries, they can't afford to heat their homes," he says.https://t.co/RPFfbxm6px pic.twitter.com/OpjEfnkoK5

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The weather may have also played a factor, as many Canadians experienced an “extremely hot” May 2023 that saw increased sales in the company’s outdoor and gardening departments. He said that a cooler, rainier May 2024 may have impacted those sales compared to last year.

Canadian consumers have been cutting back on essential items as high housing costs and interest rates continue to reduce their income, which could also be a factor.

Prime Minister Trudeau says he's giving major grocery retailers until Thanksgiving to come to Ottawa and explain what they're doing to stabilize/lower food costs.

If the grocers don't act, Trudeau says "the federal government will take action." pic.twitter.com/XA43srPPk5

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The country’s retail sales declined in May, mainly due to a decrease in sales at supermarkets and grocery retailers, according to Statistics Canada.

Meanwhile, overall revenues rose, but Loblaw experienced a drop in its quarterly profits, primarily due to a payout related to a settlement in the alleged bread price-fixing scandal.

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Loblaw reported a profit available to common shareholders of $457 million or $1.48 per diluted share for the quarter ended June 15.

This result was down from $508 million or $1.58 per diluted share in the same quarter last year, which Loblaw attributed mainly to charges related to the settlement of class-action lawsuits.