Canadian grocery store posts healthy sales rise
The parent company of Canadian grocery chain Sobeys, reported a 9.8% rise in sales to US$4.51 billion in the first quarter, Aug. 4, helped by the acquistion of 236 retail gas locations and related convenience store operations.
Empire Company president and chief executive officer Paul D Sobey, said he had no plans to change the strategy of the company.
"Our solid first quarter results were driven by Sobeys' operation performance which demonstrates that our food-focused strategy is resonating with more and more customers.
"We remain committed to improving our cost structure and productivity, and further enriching the shopping experience of our customers."
Excluding the acquisition of the retail gas locations and convenience stores, Sobeys' sales in the 13-week quarter up to Aug. 4 were up 3.6%, and same-store sales rose 1.8%, while net earnings increased 18.9% to US$99.5 million.