Acquisitions Boost Sobeys’ Q2 Results

STELLARTON, Nova Scotia — The addition of acquired gas stations and convenience stores helped Empire Cos. boost sales and profits during the fiscal second quarter, the company said Thursday.

Empire is the parent of the Sobeys [2] chain.

Net earnings in the quarter, which ended Nov. 3, improved 19.5% to $94.7 million (U.S.) on an overall sales gain of 9.1% to $4.5 billion (U.S.). Excluding the effect of 236 acquired gas and convenience locations, revenues improved 2.7%, with same-store sales improving by 1.3%.

Read more: Sobeys Braces for Inflation [3]

“During the second quarter we continued to execute on our strategic initiatives, which resulted in profitable growth despite a highly competitive marketplace," Paul Sobey, president and chief executive officer of Empire, said in a statement. “We remain committed to further enhancing the shopping experience of our customers and improving our cost structure and productivity.”

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