Thursday, December 9, 2021

Profits up, same-store revenues down

Profits were up, but same-store revenues declined by 1.3 per cent in the many supermarkets managed by Empire Company Ltd. of Nova Scotia.

Net earnings were $175.4-million in the third quarter compared with $161.4-million for the same period last year.


Total sales increased by 4.9 per cent to $7.3 billion, reflecting the purchase of the Longo’s supermarket chain in the Toronto-Hamilton area.


Sobeys is the company’s main supermarket brand; others are FreshCo, IGA and Safeway.


It ranks second to Loblaws in the Canadian market.


Same-store sales are a key indicator of the success of supermarkets. Empire said the re-opening of restaurants is responsible for the decline.