Canadian supermarket chain Sobeys has posted a fall in annual profits ahead of being taken private by local retail group Empire Co.
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Sobeys said yesterday (28 June) that net earnings fell over 8% to C$173.4m (US$164.6m) during the year to 5 May. The fall in profits came despite a 2.5% increase in turnover to C$13bn.
Sobeys, Canada’s second-largest supermarket retailer, said same-store sales had risen 2.4% during the year.
The company owns or franchises over 1,300 stores across Canada under retail banners including Sobeys, Foodland and Price Chopper.
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