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Safeway Canada boosts Sobeys Q1 profits

Safeway Canada boosts Sobeys Q1 profits

The addition of Safeway Canada stores provided Sobeys with a 35.4% boost in sales and even higher gains in profitability during the fiscal first quarter, according to Sobeys parent company Empire Cos., which reported financial results Thursday.

For the 13-week quarter, which ended Aug. 2, Sobeys reported sales of $5.6 billion (U.S.), with comparable-store sales increasing by 1.3%. Gross margin as a percent of sales improved by 2.25% to 24.8%, and net earnings attributable to Sobeys were up by 43.3% to $103 million (U.S.).


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Sobeys said the addition of Safeway Canada stores, acquired a year ago, contributed to improved margins and profitability. Sales and merchandising activities at Sobeys, built around its “better food for all” culture, also contributed to the positive results, Marc Poulin, president and CEO of Empire, added.

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