Sobeys parent Empire reports lower profit from a year ago, sales edge higher

globalnews.ca:

Empire Co. Ltd. reported a second-quarter profit of $181.1 million, down from $189.9 million in the same quarter last year.

The grocer, which owns Sobeys, Safeway and FreshCo stores, says the profit amounted to 72 cents per diluted share for the 13-week period ended Nov. 4, down from 73 cents per diluted share a year earlier.

Sales for the quarter totalled $7.75 billion, up from $7.64 billion in the same quarter last year.

Same-store sales gained 2.2 per cent, while same-store sales, excluding fuel sales, rose 2.0 per cent.

On an adjusted basis, Empire says it earned 71 cents per diluted share in its most recent quarter, down from an adjusted profit of 73 cents per diluted share a year ago.

Empire chief executive Michael Medline says while higher interest rates and overall economic uncertainty are impacting customer purchasing behaviours, the fundamentals of the business remain strong.