Empire, operator of Canadian grocery chain Sobeys has posted an almost 9% rise in annual earnings to reach C$301.9m (US$284.7m) on the back of solid performances from both its food and retail businesses.
For the year ended 1 May, the company’s food retail segment posted $15.24bn revenue, up 3.3% on the $14.76bn it posted in the prior year.
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The company said it increased same-store sales 1.9% over the previous year
During the fourth quarter, the retailer posted $3.75bn revenue, a 2.82% increase on the same quarter last year.
The company said its Sobeys unit experienced retail food-price deflation in the quarter, which partially offset the effect of increased retail selling space.
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