Sobeys parent Empire reports $173.4M Q2 profit, sales margin higher

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STELLARTON, NS – Empire Co. Ltd. says it posted a second-quarter profit of $173.4 million as sales soared.

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The parent company of grocer Sobeys said profit reached 73 cents per diluted share in the 13-week period ended Nov. 2 compared with a profit of $181.1 million or 72 cents per diluted share a year ago when it had more shares outstanding.

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Sales for the quarter totaled $7.78 billion, up from $7.75 billion a year ago.

The increase came as same-store sales rose 1.1 percent. Growth in same-store sales, excluding gasoline sales, reached 1.8 percent.

On an adjusted basis, Empire said it earned 73 cents per diluted share in its latest quarter, up from adjusted earnings of 71 cents per diluted share in the same quarter last year.

The average analyst estimate was for adjusted earnings of 66 cents per share, according to data provided by LSEG Data & Analytics.

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