By Adriano Marchese
Empire on Thursday reported lower earnings in its fiscal second quarter, missing views, while sales rose as higher cost of living in Canada drove more people to its discount banners.
The Stellarton, Nova Scotia-based retail grocer posted a decline in net income to 181.1 million Canadian dollars ($134 million), or C$0.72 a share in the period ended Nov. 4, down from C$189.9 million, or C$0.73 a share, in the comparable quarter a year ago.
Adjusted earnings were C$0.71 a share. According to FactSet, analysts were expecting C$0.76 a share.
Sales rose to C$7.75 billion from C$7.64 billion, virtually in line with analyst expectations of a rise to C$7.78 billion, driven by growth across its business, but notably in its discount segment.
Write to Adriano Marchese at [email protected]
Read the full article here
