Empire Co Ltd., parent company of Sobeys Inc., has announced a big first quarter profit that surpassed analyst expectations with a 35 per cent increase in revenue. The numbers were a result of the company recently acquiring Canada Safeway. Consolidated net earnings were $123.1 million, up from $65 million the year before. Adjusted net earnings were $131.7 million, which surpassed analyst estimations of $1.43 per share. Revenue increased to $6.22 billion from $4.6 billion from last year.
“Growth in consolidated sales in the first quarter of 35.4 per cent and in adjusted net earnings of 46.8 per cent largely reflects the impact of the acquisition of Canada Safeway combined with Sobeys’ sales and merchandising initiatives . . . ” President and CEO Marc Poulin said in an official statement. “Going forward we remain focused on completing the successful integration of the Canada Safeway business and on the ongoing promotion of our Better Food for All culture, while continuing to secure operational efficiencies and cost reductions across the organization.”
