Per this Federal Trade Commission report:
one measure of annual profits for food and
beverage retailers—the amount of money companies make over and above their total costs—rose substantially
during the pandemic and remain quite elevated. Specifically, food and beverage retailer revenues increased to
more than 6 percent over total costs in 2021, substantially higher than their recent peak of 5.6 percent in 2015. In
the first three-quarters of 2023, retailer profits rose even more, with revenue reaching 7 percent over total costs.
This measure of profits considers total costs, including fixed costs and labor costs, to account for changes in labor
costs driven by the pandemic. This profit trend casts doubt on assertions that rising prices at the grocery store are
simply moving in lockstep with retailers’ own rising costs
Link: Starting on page 15