The Financial Post reports in its Friday, Sept. 14, edition that Empire posted a first quarter profit of $95.6-million, up from $54-million a year ago.
A Canadian Press dispatch to the Post reports that the parent company of Sobeys says the profit amounted to 35 cents per share for the quarter ended Aug. 4. That compared with a profit of 30 cents per share in the same quarter last year.
Sales totalled $6.46-billion, up from $6.27-billion. Same-store sales excluding fuel sales were up 1.3 per cent compared with a 0.5 per cent increase in the same quarter last year.
On an adjusted basis, Empire says it earned $100.2-million or 37 cents per share for the quarter, up from an adjusted profit of $87.5-million or 32 cents per share a year ago.
Empire boss Michael Medline said the company was "a little slow on the trigger" to pass on the higher cost of food to consumers, but it will inevitably happen in the future.
"It's clear with what's going on in terms of transportation cost and tariff-related cost that our expectation -- although we're not economists -- is that there will be some inflation," he said during a conference call with analysts after the company released its first quarter earnings results.
© 2018 Canjex Publishing Ltd. All rights reserved.