Sobeys Sales Lift Empire Results

Improved sales and profits from Sobeys stores offset lower earnings from the real estate division at Empire Cos., the company said in a review of first-quarter financial results yesterday.

STELLARTON, Nova Scotia — Improved sales and profits from Sobeys stores offset lower earnings from the real estate division at Empire Cos., the company said in a review of first-quarter financial results yesterday. Sobeys, boosted in part by the addition of Thrifty Foods to its store base, accounted for nearly all of Empire’s $3.5 billion in sales for the first quarter, which ended Aug. 2. Sales were up by 7.4% and same-store sales improved by 3%. Net income of $70 million was flat compared with the same period last year, due mainly to a decline in operating income from the real estate division after a sale of 61 properties. Operating income from the Sobeys division improved by 10.8% during the quarter.

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