Profits at Sobeys operator Empire up 19% ; revenue rises 9.1% to $4.4B

STELLARTON, N.S. – Empire Company Ltd. (TSX:EMP.A), a company best known as operator of the Sobeys supermarket chain, is reporting a 19.5 per cent increase in fiscal second-quarter profits.

Nova Scotia-based Empire reported Thursday that net income, net of minority interest, was $93.3 million or $1.37 per share in the 13 weeks ended Nov. 3.

That compared with net income of $78.1 million or $1.15 per share in the second quarter last year.

Consolidated revenue was $4.4 billion, up $367.8 million or 9.1 per cent from $4.04 billion in the comparable 2011 period. However, excluding the impact of the acquisition of 236 retail gas locations and related convenience store operations, revenue was up 2.7 per cent .

Adjusted net earnings, net of minority interest, were $85.7 million or $1.26 per share, compared with $74.9 million or $1.10 per share in the second quarter last year, a 14.4 per cent increase.

“During the second quarter we continued to execute on our strategic initiatives, which resulted in profitable growth despite a highly competitive marketplace,” said president and CEO Paul Sobey.

“We remain committed to further enhancing the shopping experience of our customers and improving our cost structure and productivity.”