Empire Company posts net earnings of $30.5 million
Posted at 12:38 pm on March 15, 2017 | Filed Under: News
While it acknowledges there is room for improvement, the parent company of the Sobeys grocery store chain has rallied from the huge loss it posted last year in writing down the value of its western business.
Stellarton-based Empire Company posted net earnings in the third quarter of 30.5 million dollars. That compares to a 1.3 billion dollar loss during the same period last year, after placing an impairment charge of 1.73 billion dollars on assets it acquired in the 5.8 billion dollar purchase of the Safeway Canada grocery chain.
Empire’s revenue fell by 137.4 million dollars to 5.89 billion dollars, mostly from its Sobeys grocery business. Same-store sales at Sobeys dipped 3.1 per cent.