Sobeys Parent Empire Records Higher Q1 Profit Amid Ongoing Volatility: SEO-friendly Insights

Empire Co. Ltd. reports a significant increase in earnings for its latest quarter, driven by the sale of its 56 gas stations in Western Canada to Shell Canada. The company earned $261.0 million, compared to $187.5 million in the same quarter last year.

The grocer, known for its brands like Sobeys and Safeway, recorded a profit of $1.03 per share for the quarter ended Aug. 5, up from $0.71 per share in the previous year.

The company’s total sales for the quarter were $8.08 billion, compared to $7.94 billion in the same quarter last year.

Empire’s same-store sales saw a growth of 3.0%, while same-store sales excluding fuel increased by 4.1%.

Michael Medline, CEO of Empire, expressed satisfaction with the company’s performance, stating that the financial year 2024 is off to a good start.


Click to play video: 'NDP’s Singh proposes taxing grocery store chains’ excess profits'


NDP’s Singh proposes taxing grocery store chains’ excess profits


“Despite the ongoing volatility in the market, our Q1 results demonstrate our team’s consistent ability to execute, regardless of the economic environment,” said Michael Medline in a statement.

Story continues below advertisement

Empire completed the sale of its gas stations in Western Canada to Shell for $100 million during the quarter, resulting in a $71.5 million boost to its quarterly results.

The company also incurred a $7.1 million restructuring charge in the quarter and received a $400,000 insurance recovery related to a cybersecurity incident in November 2022.

On an adjusted basis, Empire’s earnings per share for the quarter were 78 cents, compared to 71 cents in the previous year. Analysts had estimated an adjusted profit of 75 cents per share.

© 2023 The Canadian Press

Reference

Denial of responsibility! Vigour Times is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
Denial of responsibility! Vigour Times is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
DMCA compliant image

Leave a Comment