Thursday, September 15, 2016

Empire continues to struggle

Empire Co. continues to struggle after it bought Canada Safeway for $5.8 billion last year.

Its profit slumped from $108.8 million to $65.4 million in the most recent quarter.

Sales declined from $6.25 to $6.19 billion, all because of the Western Canadian stores.

The Sobeys stores in Eastern Canada had sales gains of six-tenths of one per cent.

Empire is second to Loblaws in Canada; last year Loblaws bought Shoppers Drug Mart chain.

Both have apparently been losing market share to Wal-Mart.