STELLARTON, NS - Sobeys’ parent company, Empire Company Limited, boasted high profits for Q1.
The company saw sales of $6.22 billion, up $1.63 billion representing an increase of 35.4%. The Financial Post reports that this substantial increase comes as a result of its acquisition of Canada Safeway.
“We are pleased with our first quarter results as Sobeys achieved improved same-store sales growth and significant growth in EBITDA in the face of a challenging market,” said Marc Poulin, President and CEO of Empire Co. Ltd. Sobeys’ same-store sales increased by 1.3% in the quarter.
Other highlights from the financial release include:
- EBITDA of $342.7 million compared to $222.2 million last year, up $120.5 million or 54.2 percent.
- Adjusted EBITDA of $344.7 million compared to $232.3 million last year, up $112.4 million or 48.4 percent.
- Net earnings from continuing operations, net of non-controlling interest, of $123.1 million compared to $82.6 million last year, a 49.0 percent increase.
- Adjusted net earnings from continuing operations, net of non-controlling interest, of $131.7 million compared to $89.7 million last year, a 46.8 percent increase.
- Adjusted EPS from continuing operations (fully diluted) of $1.43 compared to $1.32 last year, an 8.3 percent increase.
- Free cash flow generation of $391.3 million compared to $68.2 million last year.
- Funded debt to total capital ratio of 35.5 percent versus 38.0 percent last quarter.
“Going forward we remain focused on completing the successful integration of all Canada Safeway business and on the ongoing promotion of our ‘Better Food for All’ culture, while continuing to secure operational efficiencies and cost reductions across the organization,” Poulin added.
Congratulations on the great Q1, Sobeys and Empire!
