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New gas bars fuel revenue at Sobey's parent Empire Co.

New gas bars fuel revenue at Sobey's parent Empire Co.

Simon Hayter/The Globe and Mail

T he parent of the Sobeys grocery chain says its acquisition of 236 retail gas and convenience locations helped boost revenue to $4.34-billion in the latest quarter.

Empire Co. Ltd.'s revenue was up 9 per cent from the same time last year but would have been up a more modest 2.6 per cent without the acquisition.

Most of Empire's revenue was generated by Sobeys, which contributed $4.28-billion of the total, including $246.8-million from the acquired gas bar locations.

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Nova Scotia-based Empire said it had $75.2-million of net income in its financial third quarter ended Feb. 2, equal to $1.11 per share.

Adjusted earnings were slightly higher at $79.6-million or $1.17 per share – 2 cents per share above a consensus estimate compiled by Thomson Reuters..

The adjustments exclude a number of items, including a $9.3-million gain that Empire recognized last year on the sale of some assets.

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