Sobeys' Revealing Fourth Quarter Financials
Stellarton, NS
Empire Company Limited, whose food retailing division is conducted through Sobeys Inc, has announced the financial results of its fourth quarter and fiscal year. For the 13 weeks ended May 5, 2012, the company recorded net earnings, net of minority interest, of $92.1 million compared to $82.5 million for the 14 weeks ended May 7, 2011.
Sales for the fourth quarter 2012 increased to $106.6 million (2.8 percent), after adjusting for the additional week of operations last year and acquisition of 236 retail gas locations and convenience store operations in the fourth quarter of fiscal 2012. Sobey’s same-store sales increased by .7 percent, and operating income increased to $136.4 million from $122.4 million last year. Adjusted net earnings, net of minority interest, increased to $89.5 million from $81.3 million last year.
Highlights for the entirety of fiscal 2012 include increased sales of 3 percent, increased same-store sales of 1.4 percent, increased operating income of $534.3 million from $525.7 million last year. Adjusted net earnings, net of minority interest, increased to $320.6 million compared to $303.2 million last year.
Paul Sobey, President and CEO, Empire Company Limited, states, “We are clearly pleased with our fourth quarter and fiscal 2012 operation performance as we continue to profitably grow our food retail business and our investments and other operations in a very competitive environment.”
