Page "President's Choice" Paragraph 46

Most supermarkets use private label to increase their margins.

We use private label to sell national brands at a lower price.

The happy combination is that we sell President ’ s Choice or No Name at a lower price than the national brand.

We make more profit on the control label than we do on the national brand but our national brand is being sold at a lower price than the competitor ’ s ... and we ’ re selling more national brands than any other company in Canada.

What a terrific combination.