Sobeys Posts Q2 Sales, Earnings Gains

Sobeys posted gains in sales and earnings despite an increasingly deflationary environment in its fiscal second quarter.

STELLARTON, Nova Scotia — Sobeys posted gains in sales and earnings despite an increasingly deflationary environment in its fiscal second quarter.

Sales of $3.6 billion (U.S.) increased 4% and net earnings of $63.7 million were up by 22.1% for the quarter, which ended Oct. 31, the retailer said Thursday. Same-store sales improved by 2.7%, despite “negligible” inflation, according to Bill McEwan, chief executive officer, speaking in a conference call with analysts.

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