Empire reports year-over-year profit and sales growth

Sobeys' parent company sees steady increases in fiscal 2019 first-quarter results

EMPIRE COMPANY LIMITED - Sobeys Inc. to Acquire Canada Safeway

Empire Company Ltd. reported a first-quarter profit of $95.6 million, up from $54.0 million a year ago.

The parent company of Sobeys says the profit amounted to 35 cents per share for the quarter ended Aug. 4 compared with a profit of 30 cents per share in the same quarter last year.

Sales totalled $6.46 billion, up from $6.27 billion.

Same-store sales excluding fuel sales were up 1.3% compared with a 0.5% increase in the same quarter last year.

On an adjusted basis, Empire says it earned $100.2 million or 37 cents per share for the quarter, up from an adjusted profit of $87.5 million or 32 cents per share a year ago.

Analysts had expected a profit of 42 cents per share, according to Thomson Reuters Eikon.