Canada’s second-largest grocery chain, Sobeys, has posted second quarter profit of C$46.6m (US$29.9m), a significant rise from $35.1m in the second quarter of the previous year.

The company, which operates under the Sobeys, Price Chopper and Garden Market banners, reported sales for the quarter up almost 7.7% to $2.61bn.

Sobeys opened or replaced seven corporate and franchised stores during the quarter, as well as expanding one store.

The company said it was on track to meet or even exceed its fiscal 2003 sales growth forecast of between 6% and 8%, as well as its earnings per share growth forecast of between 12% and 16%, reported Reuters.

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