VANCOUVER, BC (September 14, 2011) Clearlease Financial Reports Supermarket operator Empire Company Ltd. (TSX:EMP.A) has reported an increase in first-quarter net earnings and revenue, largely on the strength of improved sales.
The Nova Scotia-based concern, which operates the Sobeys stores and has interests in real estate and movie theatres, said profits in the quarter ended Aug. 6 were $89.2 million or $1.31 per diluted share.
That compared with $86.3 million or $1.26 per share in the comparable prior-year period, which ended July 31.
Revenue was $4.15 billion, up from $4.02 billion as sales increased $128 million or 3.2 per cent.
Sobeys’ sales equalled $4.11 billion, up from $3.98 billion in the first quarter last year, an increase of $130.8 million or 3.3 per cent. Same-store sales, an important performance metric in the retail industry, rose 1.7 per cent.
The growth in Sobeys’ sales came as a result of modest inflation, increased retail selling square footage from new stores and enlargements, coupled with ongoing sales and merchandising initiatives and product and services innovation, the company said.
“We are pleased with our start to fiscal 2012 as both Sobeys and our investments and other operations segments posted increased earnings in a very competitive environment,” said president and CEO Paul Sobey.
“Sobeys’ improved merchandising and execution combined with ongoing cost and productivity initiatives continue to fuel our ability to sustain growth,” he added.
In additional to its food stores, the company holds a more than 40 per cent interest in Crombie Real Estate Investment Trust, a similar interest in Genstar Development Partnership and operates wholly owned Empire Theatres Ltd..
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