Market News

Sobeys\' Q3 Spurred by Strong Sales

Helped by robust sales and improved productivity, Sobeys Inc. said its third-quarter earnings climbed to $45.7 million, up from $44.8 million a year ago. The Stellarton, N.S.-based grocery retailer said sales during the period ending February 4, 2006, jumped 8.7% to $3.17 billion, with a 4.1% increase in same-store sales. "Our steadfast focus on food and improved execution drove strong same-store sales again this quarter," said Sobeys\' president and CEO Bill McEwan. "In addition, our ongoing productivity initiatives and our extensive Ontario business process, supply chain and systems transformation initiative remains right on track." Source: Canadian Grocer E-Newsletter, March 29th. 2006.