Sobeys parent company Empire reports Q1profit [Video]

Empire Co. Ltd. says it earned $207.8 million in its latest quarter, down from $261 million a year ago as its sales edged higher.

“We are increasingly optimistic as market conditions are gradually improving, contributing to a more predictable operating environment,” said president and CEO Michael Medline in a press release.

The parent company of the Sobeys grocery chain says its profit amounted to 86 cents per diluted share for the 13-week period ended Aug. 3.

The result was down from a profit of $1.03 per diluted share in the same quarter last year when its bottom line was boosted by the sale of 56 gas stations in Western Canada.

Medline said the company’s strategic initiatives are gaining traction and delivering results. Over the past several years, Empire has been investing in renovations, converting some of its traditional stores into its discount brands and opening new stores as well as …