Empire posts solid Q3

Empire Co. said this week its Q3 profits grew by 15.4 percent. The Nova Scotia-based owner of Sobeys, Safeway, and FreshCo reported net earnings of $203.4 million ($0.77 per share), up from $176.3 million ($0.66) a year earlier. Same-store sales edged down by 1.7 percent, excluding fuel, but remained 8.3 percent higher than the comparable period of 2020, on the eve of the pandemic. The acquisition of Longo’s, including its Grocery Gateway e-retail business, boosted profits. Higher food prices contributed to the company’s total sales.