Empire Co. Ltd. reported net earnings of $233 million in its first quarter, up 9.9 per cent from the prior year. This comes to a 14.3 per cent increase in earnings per share to $1.04, a record high for a first quarter.
The parent company of grocery chain Sobeys saw sales grow 2.6 per cent to $8.48 billion. This includes a 1.7 per cent increase in food sales driven by full-service and discount banners, and an 18.4 jump in fuel sales due to higher fuel prices.
“Despite the market environment that remains challenging, with customers highly focused on overall value and affordability, our banners continue to perform well,” chief executive Pierre St-Laurent said during Thursday’s earnings call.
Same-store sales grew 2.2 per cent from 1.8 per cent the previous year. Same-store sales growth for food was 1.2 per cent, down from 1.9 per cent, while same-store sales for fuel grew 18.9 per cent, up from a decline of 13.4 per cent last year.
More to come …