Canada's families spend a significant portion of their income on food. Getting that right — the quality, the value, the access — is not a small thing. It is the obligation that comes with being Canada's largest food retailer.
The Shoppers acquisition was not about adding scale for its own sake. It was about where Canadians were going to go for healthcare. We needed to be there, and we needed to be there first.
We participated in an industry practice that was wrong and that was illegal. There is no way to soften that. We are sorry and we are disclosing it now.
President's Choice is not a discount brand. It is a quality brand at an accessible price. That distinction matters. Great food should not require a premium income.
Family businesses that last generations do so because they think in generations. The public market thinks in quarters. We try to run this company on the longer clock.