STELLARTON, N.S. - Sobey's grocery store owner Empire Company Ltd. (TSX:EMP.A) reported Wednesday a third-quarter profit of $68.3 million, up from $61.3 million in the same period a year earlier.
The company, based in Stellarton, N.S., said its net earnings amounted to 99 cents per share versus 93 cents per share a year before. Revenue rose one per cent to $3.84 billion as same-store sales at Sobeys increased 0.3 per cent.
"Empire's consolidated earnings and improving financial condition continue to reflect the strong earnings performance of Sobeys," president and CEO Paul Sobey said in a statement.
"Together with above plan performance from our real estate division and our investments and other operations, we are pleased to report another solid quarter."
Real estate revenue in the quarter was $14 million, down from $19.6 million in the third quarter last year, while investments and other operations reported revenue of $50.3 million, up from $39.5 million.
Sobeys operates more than 1,300 retail grocery stores across Canada under retail banners that include Sobeys, IGA, IGA extra, Foodland, Price Chopper and Thrifty Foods, as well as Lawtons Drug Stores.
Empire also has an interest in retail and office properties through a 47.4 per cent stake in Crombie REIT(TSX:CRR.UN) and residential land development through an ownership interest in Genstar, which operates principally in Ontario and Western Canada.
The company's shares were down 19 cents at $49.71 in midday trading on the Toronto Stock Exchange.