CANADA: Sobeys earnings drive Empire growth
By: just-food.com | 11 March 2010
The strong performance of Canadian retailer Sobeys has helped its parent Empire Co. report a rise in third-quarter earnings and revenues.
Paul Sobey, president and CEO said: "Empire's consolidated earnings and improving financial
condition continue to reflect the strong earnings performance of Sobeys. Together with above-plan
performance from our real estate division and our investments and other operations, we are pleased to report another solid quarter."
The company recorded net earnings of C$68.3m (US$66.3m) in the three months to 30 January, compared to C$61.3m in the third quarter last year. Revenues reached C$3.84bn up 1%.
Sobeys, the company's food retailing division, reported sales for the third quarter of C$3.77bn compared to C$3.74bn for the same quarter last year, an increase of 0.9%. Sobeys' same-store sales increased by 0.3%.
Sobeys reported third quarter net earnings of $63.5m, an increase of 18%.
For further details on Empire's results, go here.
Sectors: Retail
Companies: Sobeys, Empire Co.
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