Empire Co. Ltd. reports fourth-quarter profit up, raises dividend

Empire Co. Ltd. reports fourth-quarter profit up, raises dividend
Share this article

STELLARTON, N.S. — Empire Co. Ltd. raised its dividend as it reported a profit of $122.1 million in its latest quarter, up from $71.0 million in the same quarter last year.

The company behind the Sobeys and Safeway grocery stores says it will increase its quarterly payment to shareholders by a penny to 12 cents per share.

The improved dividend came as Empire reported its profit amounted to 45 cents per share for the 13 weeks ended May 4, compared with 26 cents per share a year earlier.

Sales in what was the company’s fourth quarter grew to $6.22 billion compared with $5.89 billion. Same-store sales were up 3.2 per cent for the most recent quarter, compared with 0.5 per cent a year ago.

On an adjusted basis, Empire said it earned $126.5 million or 46 cents per share for the quarter, up from an adjusted profit of $93.0 million or 35 cents per share a year ago.

Analysts on average had expected a profit of 42 cents per share, according to Thomson Reuters Eikon.

Companies in this story: (TSX:EMP.A)

The Canadian Press

Related posts

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.