>Loblaws' stock price going up implies that their profits are better,

Loblaw's PE ratio is 24, a bit high I'd say. Implying not good enough profits.

Looking at gross profit across the last 4 quarters. No significant change.

So you make some assumptions and guesses here which aren't correct, then went on with analysis anyway.

>I think the fact that Canadians are upset with Loblaws is pretty well documented at this point.

This is perhaps/maybe true amongst the NDP and virtually nobody else. Liberals have voted against the NDP on this matter several times now.

This "pretty well documented" probably needs a better source when public data denies this.