(Stellarton) Empire Company posted third-quarter profit of 203.4 million on Thursday, up from 176.3 million in the same period a year earlier, as its sales also rose.
Posted at 12:15 p.m.
The grocer said its profit per share was 77 cents for the most recent quarter, compared to 66 cents last year.
Sales for the 13-week quarter ended Jan. 29 totaled 7.38 billion, down from 7.02 billion in the previous third quarter. They were supported by the acquisition of Longo’s, better fuel sales and higher food inflation, as well as other initiatives.
Excluding fuel sales, sales at stores open for at least a year fell 1.7% year-on-year.
In its outlook, Empire said it expects sales at its stores open for at least a year to continue to trend negatively through the remainder of fiscal 2022 as industry volumes decline relative to unusually high sales from a year ago, due to the COVID-19 pandemic.
The owner of the Sobeys and IGA brands also indicated that the difficulties in the supply chain, essentially attributable to the labor shortages caused by COVID-19. The sector is also facing inflationary pressures, particularly in relation to the cost of goods sold, Empire said.