sobeys-0915-phProfit at Sobeys parent Empire Co. Ltd. dipped slightly in its first quarter, despite a boost in sales fuelled by the worst food inflation in decades. But Empire’s profit dropped to $187.5 million, down $1 million or 0.5 per cent compared to last year. Earnings per share was 71 cents in the quarter, below forecasts of 74 cents, but one cent higher than the previous year. Empire took a slightly slimmer margin in the quarter, which it partly blamed on higher supply chain costs. The company said its gross margin would be 63 basis points higher than last year, if not for the impact of fuel sales.

Source: National Post September 16, 2022 01:55 UTC