Canadian grocery retailer Sobeys has announced rises in sales and profits for the fourth quarter and year ended 7 May 2005.
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Net earnings were C$48.1m (US$38.9m) for the fourth quarter, compared to $38.3m in the fourth quarter last year. Annual net earnings were $186.7m compared to the $166.5m recorded the previous year.
Net earnings for the fourth quarter and full year fiscal 2005 were favourably impacted by approximately $3.5m as a result of the inclusion of a 14th week of operating results in the fourth quarter this year.
Sales for the fourth quarter were $3.29bn compared to $2.80bn the previous year. Sales for the full year were $12.19bn, an increase from $11.05bn.
Fiscal 2005 included 53 weeks of operations compared to 52 weeks in fiscal 2004 and this additional week accounted for $241m of the sales increase.
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By GlobalDataSame-store sales increased 4.5% in the fourth quarter and 3.7% for the full fiscal year 2005.
“We are pleased with the solid results achieved in our fourth quarter and for the full 2005 fiscal year,” said Bill McEwan, president and CEO. “Our sales and earnings performance reflect the net impact of improved merchandising and productivity improvements across the company in the near term and investments and expenditures in our retail network and infrastructure for the long term.”
