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Thursday, June 26, 2014

Sobeys-owner Empire reports lower profit, says to close 50 stores, (NYSE: SWY)

Empire Co Ltd, the operator of Canadian grocery chain Sobeys Inc, reported a lower quarterly profit, and said it would close 50 underperforming stores. Net earnings fell to C$800,000, or 1 Canadian cent per share, in the fourth quarter ended May 3, from C$105.9 million, or C$1.56 per share, a year earlier.Total sales rose 40 percent to C$5.94 billion ($5.47 billion), including contribution from Canada Safeway stores.Empire bought the Canadian arm of Safeway Inc last year, cementing its position as Canada's No. 2 grocer. ($1 = 1.0853 Canadian Dollars) (Reporting By Sneha Banerjee in Bangalore; Editing by Sriraj Kalluvila)

Safeway Inc. (Safeway) is a food and drug retailer in North America. Shares of SWY remained unchanged at $34.12. In the past year, the shares have traded as low as $20.74 and as high as $36.03. On average, 3014660 shares of SWY exchange hands on a given day and today's volume is recorded at 0.