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Sobeys parent Empire misses earnings expectations despite sales boost

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Profit at Sobeys parent Empire Co. Ltd. dipped slightly in its first quarter, despite a boost in sales fuelled by the worst food inflation in decades.

Sales at Empire — a network of roughly 1,600 stores, including Farm Boy, IGA, Safeway and Foodland — rose to $7.9 billion in its first quarter, ended Aug. 6, up 4.1 per cent compared to the same period last year.

The jump came from higher fuel sales and food inflation, as well as its expansion of FreshCo in Western Canada, the company said in aSign up to receive daily headline news from the Calgary Herald, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc.

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Sobeys parent Empire misses earnings expectations despite sales boostProfit at Sobeys parent Empire Co. Ltd. dipped slightly in its first quarter, despite a boost in sales. Read more
Source: financialpost - 🏆 7. / 85 Read more »