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STELLARTON, Nova Scotia - Empire Co. Ltd. posted higher third-quarter profits on Thursday thanks to a hearty growth at Canadian supermarket chain Sobeys Inc.
In the quarter ended Jan. 31, Empire said it earned C$39.3 million ($26.7 million), or 60 Canadian cents a share. It earned C$36.1 million, or 55 Canadian cents a share, in the same period last year.
Revenues were C$2.64 billion, up nearly 6.4 percent from C$2.44 billion. Most of the sales growth came from Sobeys, which operates the Sobeys, Garden Market, IGA and Price Chopper banners.
On Wednesday, Sobeys reported third-quarter earnings of C$45.8 million, or 70 Canadian cents a share, on sales of C$2.59 billion. That compares with a profit of C$36.1 million, or 55 Canadian cents a share, on revenue of C$2.44 billion a year earlier.