Empire Co., (TSX:EMP.A) the parent company of the Sobeys and Safeway grocery chains, has announced that it earned $188.5 million in its latest quarter.
The grocery retailer said that its profit amounted to 70 cents per share for the quarter ended July 31. That compares to a profit of $191.9 million, or 71 cents per share, a year earlier when the company benefited from a significant real estate transaction.
Excluding last year’s real estate deal, Empire said its earnings per share in its latest quarter were up 4.5% on an annualized basis.
Sales in what was the company's fiscal first quarter totaled $7.6 billion, up from nearly $7.4 billion in the same quarter of 2020, boosted by the acquisition of Longo's and higher fuel sales due to increased fuel prices and consumption.
Same-store sales were down 0.5% for the quarter, while same-store sales, excluding fuel, were down 2.2%. However, these declines were offset by higher prices for groceries due to food inflation.
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