Sobeys owner, Empire Company Limited, has reported a lift in revenues and earnings for its full year and fourth quarter.
Fiscal 2010 net earnings for fiscal 2010 were US$301.9m (US$290.3m) compared to $264.7m recorded last year.
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Revenues reached $15.52bn, up 3.3%. Sobeys’ same-store sales increased 1.9%.
For the quarter, the company recorded net earnings of $73.5m compared to $62.1m in the fourth quarter last year.
Paul Sobey, president and CEO said: “Empire’s operating earnings and enterprise value continued to strengthen in our fourth quarter reflecting the continued solid performance of our food retailing and real estate businesses. We were particularly pleased with the strong fourth quarter performance from our residential real estate operations.”
“Fiscal 2010 operating earnings of $284.5m increased 8.7% over last year and we ended the year in a much stronger financial position, largely as a result of increased free cash flow from Sobeys.”
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By GlobalDataPaul Sobey continued: “Consistent with our growth and our confidence in the strength of our businesses, we are pleased to announce an increase in Empire’s dividend per share, from 74 cents annually to 80 cents annually. This marks the fifteenth consecutive year of dividend increases.”
