Canadian retailer Empire posted an increase in net income today (12 March), boosted by comparable-store sales at its food retail unit Sobeys.
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Consolidated net earnings in the third quarter equalled C$61.5m (US$47.6m) as compared to C$48.6m last year, an increase of 26.5%.
Operating income for the period was C$115.6m, an increase of C$24.9m or 27.5% from the third quarter last year.
Consolidated revenue for the third quarter equalled C$3.80bn compared to C$3.50bn last year, an increase of 8.5%.
Sobeys, Empire’s wholly-owned food division, saw consolidated sales for the third quarter increase 8.8% to reach C$3.74bn. Same-store sales increased by 7.6%.
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By GlobalData“Our consolidated performance in the quarter is consistent with our expectation, driven largely by continued strong same-store sales growth and operating performance at Sobeys,” said Paul Sobey, Empire’s president and CEO.
“The growth in Sobeys’ operating earnings along with combined on-plan performance from our real estate division, investments and other operations, resulted in another solid quarter.”
For the first nine-month period, the company reported net earnings of C$202.3m, down from C$249.3m in the prior-year period.
