Canadian grocery retailer Sobeys has reported an increase of 11.5% in quarterly net earnings, helped by a 9.1% increase in sales.
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The company posted net earnings of C$46.7m (US$36.1m), or 71 cents per share, for the first quarter to 31 July, compared to $41.9m, or 64 cents per share, for the first quarter last year.
Sales for the first quarter were $3.01bn, compared to $2.76bn for the same quarter last year, an increase of 9.1%. Sobeys said sales grew in all operating regions of the company. Same-store sales increased 2.9%.
“Our first quarter results were in-line with our expectations,” said Bill McEwan, president and chief executive officer. “We are pleased with our progress on all key merchandising and productivity initiatives as we continue to improve our instore execution and operational performance.”
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