Empire reports Q3 sales and profit up

Empire Co. Ltd. says it earned $120.5 million in its latest quarter, up from $65.8 million in the same period a year earlier.

The parent company of Sobeys and Safeway grocery stores says the profit amounted to 45 cents per diluted share for the 13-week period ended Feb. 1 compared with 24 cents per share a year earlier.

Sales in what was the company's third quarter totalled nearly $6.4 billion, up from $6.2 billion in the same quarter a year ago.

Same-store sales gained 1%, while same-store sales growth, excluding fuel, rose 0.8%.

On an adjusted basis, Empire says it earned $123.7 million or 46 cents per diluted share, up from an adjusted profit of $72.9 million or 27 cents per diluted share a year earlier.

Analysts on average had expected a profit of 46 cents per share, according to financial markets data firm Refinitiv.