Empire selling gas stations in Western Canada, reports Q2 profit up from year ago

STELLARTON, N.S. — Empire Co. Ltd. announced a deal to sell its 56 gas stations in Western Canada to a subsidiary of Shell Canada for about $100 million in cash.

The sale came as the parent company of Sobeys reported it earned $189.9 million in its latest quarter, up from $175.4 million in the same quarter last year.

The grocer said the profit amounted to 73 cents per share for the quarter ended Nov. 5, up from 66 cents per share a year earlier.

Sales in what was the second quarter of the company’s 2023 financial year totalled $7.64 billion, up from $7.32 billion in the same quarter last year.

Same-store sales were up 3.9 per cent, while same-store sales, excluding fuel sales, were up 3.1 per cent.

Empire also estimated the cost of what it described as a cybersecurity event last month will be about $25 million, net of insurance recoveries, on its 2023 annual net earnings.

This report by The Canadian Press was first published Dec. 15, 2022.

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

The Canadian Press