Stellarton, Nova Scotia-
By ANUK Staff
3.13.13
Sobeys’ parent company, Empire Co. has announced financial results for the third quarter ended Feb. 2, 2013.
Sobeys contributed sales to Empire posted an 8.8% third quarter rise from $3.94 billion to to $4.28 billion
Excluding sales of $246.8 million related to the acquisition of 236 retail gas locations and related convenience store operations in the fourth quarter last year, Sobeys’ sales contribution to Empire increased by $100.8 million or 2.6 percent.
Net income fell 5.6% to about $67 million. Adjusted for certain one-time gains and losses, net income at Sobeys rose 8% in the quarter, Empire reported.
“We are pleased with Empire’s third quarter financial results, particularly in a highly competitive operating environment with negligible food inflation,” said Paul Sobey, Empire’s President and CEO. “The increase in our adjusted net earnings reflects the hard work of our employees and franchisees as we continue to execute on our strategic initiatives. This was exemplified in the quarter with the successful opening of our new automated distribution centre in Terrebonne, Québec. We remain committed to further enhancing the shopping experience of our customers and improving our cost structure and productivity.”
Empire’s total sales grew 9% to 4.34 billion from last year. EBITDA fell 2.2% from $207.9 million to $203.3 million.
