Sobeys, the food retail division of Canadian group Empire, posted an 18.6% increase in first-quarter earnings today (11 September).
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For the period ended 1 August, net earnings totalled C$70.1m (US$65.1m), compared to C$11m recorded in the first-quarter last year.
Sobeys’ revenue equalled C$3.91bn, an increase of 5.3% compared to the same period of the previous year. Same-store sales increased 4%.
Operating income for the quarter totalled C$121.6m compared to C$106.3m in the prior year.
Empire revenue reached C$3.97bn, up $190.3m on the previous year. Net earnings increased to C$89.7m, compared to C$75.7m from last year.
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By GlobalData“Empire’s consolidated operating earnings and financial condition continued to strengthen in the first quarter of fiscal 2010 as a result of an 18.6% increase in Sobeys’ earnings,” said Empire president and CEO Paul Sobey. “Our performance overall is in line with our expectation and was again driven by Sobeys’ operating performance innovation and disciplined growth.”
