Empire Co Ltd, parent of Sobeys grocery chain, reported a 24 percent fall in first-quarter profit from continuing operations as competition increased and expenses rose due to its acquisition of the Canadian assets of Safeway Inc.
Net earnings from continuing operations fell to C$82.6 million ($79.9 million), or C$1.21 per share, in the quarter ended Aug. 3 from C$108.1 million, or C$1.59 per share, a year earlier.
Empire bought the Canadian assets of Safeway for $5.7 billion in June to double its reach in the country's western provinces.
Net earnings from continuing operations fell to C$82.6 million ($79.9 million), or C$1.21 per share, in the quarter ended Aug. 3 from C$108.1 million, or C$1.59 per share, a year earlier.
Empire bought the Canadian assets of Safeway for $5.7 billion in June to double its reach in the country's western provinces.
