Sobey’s exceeded stock-market analysts expectations, posting a profit of $103.8 million for its second quarter.
“We are gaining traction,” said Michael Medline, Empire Co. Ltd.’s chief executive, during a conference call with analysts.
Last year the company lost $23.6 million in the second quarter.
Medline is overseeing a turn-around program launched in May, 2017, and has reached the half-way point.
Sobey’s profits suffered after it bought the Safeway chain across Western Canada.
Medline said the company is gaining market share and, when asked where, said “it’s here there and everywhere.”
The goal is to create $500-million in annualized benefits by the end of the company’s 2020 financial year and Medline said the company is more confident than ever this quarter to achieve that target.
The company recently bought the Farm Boy chain, plans to build a robotic fulfillment centre for home delivery orders, and to open more FreshCo discount stores in the West.
It is Canada’s second-largest supermarket chain, far behind Loblaws.
