Grocery retailer Empire reports $175.4M Q2 profit, up from $161.4M a year ago
STELLARTON, N.S. — Empire Co. Ltd. says it earned $175.4 million in its latest quarter, up from $161.4 million in the same quarter last year, helped by a nearly five per cent increase in sales.
The Sobeys parent company says its profit amounted to 66 cents per diluted share for the 13-week period ended Oct. 30, up from 60 cents per diluted share a year earlier.
Sales in what was the company's second quarter totalled $7.32 billion, up from $6.98 billion.
Empire says the growth was due to its acquisition of the Longo's supermarket chain earlier this year and higher fuel sales, as well as the expansion of its Farm Boy banner and Voilà online grocery service in Ontario and its FreshCo banner in Western Canada.
The gains were offset by a stabilization of shopper behaviour as COVID-19 restrictions were eased across the country.
Same-store sales grew 0.4 per cent compared with a year ago, while sale store sales, excluding fuel, fell 1.3 per cent.
This report by The Canadian Press was first published Dec. 9, 2021.
Companies in this story: (TSX:EMP.A)
Provided Content: Content provided by Canadian Press. The Globe and Mail was not involved, and material was not reviewed prior to publication.
