Costs, Price Competition Hit Bottom Line at Sobeys

STELLARTON, Nova Scotia -- Expenses related to employee severance and a companywide systems initiative -- as well as its part in Ontario price competition that officials acknowledged was "irrational" -- contributed to a 27% decline in profits for Sobeys during the fiscal third quarter ended Feb. 3.

STELLARTON, Nova Scotia -- Expenses related to employee severance and a companywide systems initiative -- as well as its part in Ontario price competition that officials acknowledged was “irrational” -- contributed to a 27% decline in profits for Sobeys during the fiscal third quarter ended Feb. 3. Sobeys reported net income of about $28.3 million (U.S.) on sales of $2.75 billion. Earnings were impacted by $6 million devoted to Sobeys‘ ongoing process and system initiative an

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