CANADA: Higher sales boost Sobeys' Q2 earnings
Canadian grocery retailer Sobeys has reported higher quarterly net earnings, boosted by an 8.2% rise in sales.
The company reported net earnings of C$47.3m (US$38.5m), or 72 cents per share, for its second quarter ended 30 October, compared to $43.2m, or 66 cents per share, reported in the second quarter last year.
Second-quarter sales were $2.97bn, compared to $2.74bn in the year-ago period. Same-store sales increased 3.5%.
"Our second quarter sales and earnings growth continued in-line with our expectations," said Bill McEwan, president and chief executive officer. "We are pleased with our progress on key merchandising and productivity initiatives as well as our improved in-store execution and operational performance."
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