Sobeys parent Empire sees profit climb 8.5% from year earlier

The parent company of the Sobeys, Safeway and FreshCo grocery chains says net earnings in its latest quarter were up 8.5 per cent to $134.2 million.

Empire Company Ltd. says that compares with net earnings of $125.7 million a year earlier.

Its third quarter earnings amounted to 54 cents per diluted share compared with 49 cents per diluted share a year prior.

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Its adjusted net earnings for the period ended Feb. 3 totalled $153.1 million compared with $164.8 million a year before.

Sales reached about $7.49 billion compared with roughly $7.48 billion a year ago.

They were driven by growth in Empire’s discount and full-service businesses but offset by lower fuel sales largely triggered the sale of all of its retail fuel sites in Western Canada in the first quarter of its fiscal 2024.