"Facts are meaningless. You could use facts to prove anything that's even remotely true!"
-Homer J. Simpson
Tim Horton's is the latest business to pull the whole "minimum wage increases hurt us so much" card.
Don Schroeder said yesterday price increases could be implemented in certain regions to offset cost pressures from both higher food prices and rising minimum wages.
Yep, that increase in the minimum wage must have really affected the bottom line of the company, right? They must be losing money hand over fist, right?
Yesterday, Hortons reported its net earnings rose to $77.8 million, or 43 cents per share, for the quarter ended June 28. That's an increase from $75 million, or 41 cents per share, a year earlier.
...
Growth was more modest in Canada at 1.7 per cent, as the company faced a variety of challenges including the economic slowdown
So you grew by 1.7% during the worst recession in decades and your profits were a measly $80 million? Wow, those provinces that have the nerve to insist you pay your staff dollars per hour should be ashamed of themselves!
1 comment:
In fairness, there may well be correlation between an increased minimum wage and higher prices. After all, if Tim Horton's has a lick of business sense they're setting their prices primarily based on what customers are willing and able to pay. And it's not at all out of the question that the extra money put in workers' pockets by a minimum wage increase would increase the prices that Tim's is able to charge.
But it takes some chutzpah to publicly slam that process while profiting from it.
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