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Loblaw announces support for revised Grocery Code of Conduct

BRAMPTON, ON, May 16, 2024 /CNW/ - Loblaw Companies Limited (TSX: L) ( "Loblaw") announced today its support for Canada's Grocery Code of Conduct (the "Code"). The announcement, made at the Company's Supplier Summit with more than 1,300 suppliers, is part of Loblaw's continued commitment to promoting a fair and transparent grocery industry in Canada.

This decision follows a series of discussions the Company held with the Code Interim Board and Working Group over the past six months. The final part of this process will be for all major industry participants to sign the Code.

"We have worked intensively and collaboratively with industry groups so that the Code is clearly drafted and fair for all industry participants," said Per Bank, President and CEO, Loblaw Companies Limited. "We believe in the value of a code of conduct for the industry and are happy with the progress made. The Code now requires the participation of all major retailers and suppliers to help bring in a new era for Canada's grocery industry, enhancing the relationship between retailers and suppliers, who both exist to best serve customers."

The path to the Code was initiated by the Federal-Provincial and Territorial Ministers of Agriculture as a volunteer, industry-led solution. The Code's more than two-year development has been a collaboration by organizations within the grocery industry – including retailers, processors and manufacturers – to ensure support across the entire supply chain. Throughout this time, a large focus of the consultation was on developing a code that works for small suppliers, consumers and the industry, recognizing the complexities of the Canadian grocery market.

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"It is welcome news that Loblaw has agreed to participate in the Grocery Code of Conduct," said Michael Graydon, Chair of the Interim Board for the Code of Conduct. "Within a very complex food system, the vision for the Code has always been based on a fully inclusive, voluntary Code, developed by the grocery industry and managed by its stakeholders across the supply chain. We are one step closer to the implementation of the Code as we continue to work with all industry partners to ensure we have maximum participation by all stakeholders."

Loblaw will continue to work with the industry as the Code is finalized and put into practice.

About Loblaw Companies Limited

Loblaw Companies Limited is Canada's food and pharmacy leader, as well as its largest retailer and private sector employer. With over 1 billion transactions each year in its unmatched network of 2,500 stores and national e-commerce options, Loblaw brings food, pharmacy, beauty, apparel and financial services to customers through many of Canada's favourite and most-trusted brands: President's Choice, No Name, Loblaws, Shoppers Drug Mart, No Frills, Real Canadian Superstore, T&T, Joe Fresh, PC Express and PC Financial. The Company's loyalty program, PC Optimum, has more than 16 million active members and is one of Canada's largest and best-loved reward programs.

Loblaw's purpose is to help Canadians live life well. It makes good food affordable, health, beauty and wellness accessible, saving for the future possible, and essential style achievable.

Forward Looking Statements

This press release may contain forward-looking information within the meaning of applicable securities legislation, including with respect to the finalization and adoption of the Code and its potential impacts on Loblaw, its suppliers, customers and the grocery industry. Such forward-looking information is based on a number of assumptions and reflects Loblaw's current expectations. Loblaws does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. All forward-looking statements contained in this press release are made as of the date hereof and are qualified by these cautionary statements.

SOURCE Loblaw Companies Limited - Public Relations

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View original content: http://www.newswire.ca/en/releases/archive/May2024/16/c1519.html