Sobeys' parent company says sales are up year over year thanks in part to its acquisition of Longo's
The Canadian Press
Empire Co. Ltd., which owns the Sobeys and Safeway grocery chains, says it earned $188.5 million in its latest quarter
The grocery retailer says its profit amounted to 70 cents per share for the quarter ended July 31.
The result compared with a profit of $191.9 million or 71 cents per share a year ago when the company benefited from a significant real estate transaction partly offset by a lump-sum payment related to collective bargaining in Alberta.
Excluding the two one-time items last year, Empire says its earnings per share in its latest quarter were up 4.5%.
Sales in what was the company's first quarter totalled $7.6 billion, up from nearly $7.4 billion in the same quarter last year, boosted by the acquisition of Longo's and higher fuel sales due to increased fuel prices and consumption.
Same-store sales were down 0.5% for the quarter, while same-store sales, excluding fuel, were down 2.2%.