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Mar 13, 2019

Sobeys' parent reports higher Q3 net income, but lower adjusted earnings

Empire misses Q3 earnings expectations

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STELLARTON, N.S. - The company behind Sobeys and Safeway grocery stores reports its third-quarter sales and net income were higher than the same time last year, but adjusted earnings were down.

Empire Company Ltd. of Stellarton, N.S., says its net income was $65.8 million or 24 cents per share in the 13 weeks ended Feb. 2.

That's up from $58.1 million or 21 cents per share in last year's fiscal third quarter.

Sales rose to $6.45 billion, up $218.1 million from $6.03 billion in the third quarter of fiscal 2018.

However, adjusted net earnings fell to $72.9 million or 27 cents per share from $89.9 million or 33 cents per share a year earlier.

Since last year's fiscal third quarter, Empire bought the Farm Boy grocery chain with 26 locations in Ontario.