Sobeys Reports Profit Jump In Q1'19 Results

Source: Empire Company, Friday, Sep 14, 2018

Sobeys parent holding Empire Company reported a first-quarter profit of USD95.6 million, up from USD54 million a year ago. Sales totalled USD6.46 billion up from USD6.27 billion during the same period last year. Same-store sales excluding fuel sales were up 1.3 %, compared with a 0.5 % increase. The improvement was partially offset by the deflationary impact of drug reforms and the wind-down and closure of 10 stores in Western Canada during the quarter. The parent company of grocery chain Sobeys Inc  warns food prices will rise partly due to new tariffs.