STELLARTON, Nova Scotia — Empire Co., parent of the Sobeys chain in Canada, posted revenue gains for the recently ended fiscal year but said net income fell for both the fourth quarter and fiscal year.
Same-store sales at Sobeys were up 4.6% for the quarter and 5.2% for the year, which ended May 2. The company reported fourth-quarter net income of about $55.4 million (U.S.), decline of 4.4% from year-ago levels, while revenues rose 4.2%, to about $3.2 billion. For the year, net income was down 15.8%, to about $232 million. Revenues for the year rose 6.8%, to about $13.1 billion.
The company said it had a decline in earnings contribution from its residential real estate operations and its interest in the Wajax Income Fund.
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