Empire reports Q3 profit and sales up

Empire Co. Ltd. reported better-than-expected results for its third quarter as its revenue and profits improved compared with a year ago.

The parent company of the Sobeys grocery chain says it earned $58.1 million or 21 cents per diluted share for the quarter ended Feb. 3.

That was up from $30.5 million or 11 cents per diluted share in the same period a year ago.

Sales totalled $6.03 billion, up from $5.89 billion, while same-store sales excluding fuel increased 1.1%.

On an adjusted basis, Empire says it earned 33 cents per diluted share for the quarter up from an adjusted profit of 13 cents per diluted share a year ago.

Analysts on average had expected Empire to report an adjusted profit of 25 cents per diluted share, according to Thomson Reuters.