Skip navigation

Sobeys Profits Up, Comps Flat in Q2

STELLARTON, Nova Scotia — Empire Cos. here on Thursday said operating income at its Sobeys division was up 3% in the fiscal second quarter, to about $108 million U.S., while comparable-store sales were flat.

STELLARTON, Nova Scotia — Empire Cos. here on Thursday said operating income at its Sobeys division was up 3% in the fiscal second quarter, to about $108 million U.S., while comparable-store sales were flat.

Overall sales at Sobeys rose 1.2%, to about $3.8 billion, which the company attributed to new stores and enlargements, along with sales and merchandising initiatives, improved store-level execution, and product and service innovation, partially offset by deflation and competitive pressures. The quarter ended Oct. 30.

For the 26-week, year-to-date period, Sobeys' operating income rose 3.4%, to about $233 million, on a 1.5% increase in sales, to $7.74 billion. Comparable-store sales were up 0.2% for the period.

Empire, which obtains nearly all its revenues and earnings from the Sobeys division, said net income for the second quarter was $131.2 million, vs. about $69.6 million in the year-ago period, following a $60 million increase in capital gains for the period.

TAGS: News