Canadian grocery retailer Sobeys has reported a 4.2% increase in quarterly net earnings, boosted by strong sales growth.
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The company posted net earnings of C$48.2m (US$40.7m), or 74 cents per share, for the first quarter to 6 August, compared to $46.6m, or 71 cents per share, for the first quarter last year.
Sales for the first quarter were $3.30bn, compared to $3.01bn,for the same quarter last year, an increase of 9.6%. Same-store sales increased 4.1% in the quarter.
“We are pleased that our continuing efforts to improve our in-store offering and execution combined with our ongoing productivity initiatives produced strong sales and solid earnings growth in the first quarter,” said Bill McEwan, president and chief executive officer.
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