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Profits and sales rise at Empire

Sobeys parent says it earned $154.6 million in its second quarter of fiscal 2020

(CNW Group/Sobeys Inc.)(CNW Group/Sobeys Inc.)

Empire Co. Ltd. says it earned $154.6 million in its latest quarter, up from a profit of $103.8 million in the same quarter last year.

The parent company of Sobeys and Safeway grocery stores says the profit amounted to 57 cents per diluted share for the quarter ended Nov. 2 compared with a profit of 38 cents per diluted share a year ago.

Sales in what was the company’s second quarter totalled $6.44 billion, up from $6.21 billion last year.

Same-store sales excluding fuel increased 2%.

On an adjusted basis, Empire says it earned 58 cents per diluted share in its latest quarter, up from an adjusted profit of 40 cents per share a year ago.

Analysts on average had expected a profit of 57 cents per share and $6.47 billion in revenue according to financial markets data firm Refinitiv.

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