Empire reports $181.1M Q2 profit, down from $189.9M a year ago, sales edge higher

Empire Co. Ltd. reported a second-quarter profit of $181.1 million, down from $189.9 million in the same quarter last year.

The grocer, which owns Sobeys, Safeway and FreshCo stores, says the profit amounted to 72 cents per diluted share for the 13-week period ended Nov. 4, down from 73 cents per diluted share a year earlier.

Sales for the quarter totalled $7.75 billion, up from $7.64 billion in the same quarter last year.

Same-store sales gained 2.2%, while same-store sales, excluding fuel sales, rose 2%.

On an adjusted basis, Empire says it earned 71 cents per diluted share in its most recent quarter, down from an adjusted profit of 73 cents per diluted share a year ago.

Empire chief executive Michael Medline says while higher interest rates and overall economic uncertainty are impacting customer purchasing behaviours, the fundamentals of the business remain strong.