We're expecting the food inflation rate to drop mid-summer: Sylvain Charlebois
Empire Co. Ltd. says it earned $261.0 million in its latest quarter, up from $187.5 million in the same quarter last year, boosted by the sale of its 56 gas stations in Western Canada to Shell Canada.
The grocer, which owns Sobeys and Safeway and other banners, says the profit amounted to $1.03 per share for the quarter ended Aug. 5, up from a profit of 71 cents per share a year earlier.
Sales in what was Empire's first quarter totalled $8.08 billion, up from $7.94 billion in the same quarter last year.
Same-store sales were up 3.0 per cent, while same-store sales, excluding fuel, were up 4.1 per cent.
On an adjusted basis, Empire says it earned 78 cents per share in its latest quarter, up from an adjusted profit of 71 cents per share a year earlier.
The average analyst estimate had been for an adjusted profit of 75 cents per share, based on estimates compiled by financial markets data firm Refinitiv.
This report by The Canadian Press was first published Sept. 14, 2023.