STELLARTON, Nova Scotia — Comparable-store sales at Sobeys increased slightly amid heavy competition during its fiscal fourth quarter, the retailer here said Thursday.
Adjusted for a 14th week in last year’s fourth quarter, Sobeys’ sales increased 2.7% to $3.9 billion (U.S.) for the 13-week period that ended May 5. Adjusted quarterly, net earnings at Sobeys increased 3.6% to $77 million (U.S.). For the 52-week fiscal year, Sobeys posted sales of $15.6 billion (U.S.), a 1.8% increase over the 53-week 2011, or 3% when adjusted for the extra week. Same-store sales for the year were up 1.4%.
Sobeys reported its results as part of its publicly traded parent company, Empire Co.
“We are clearly pleased with our fourth quarter and fiscal 2012 performance as we continue to profitably grow our food retail business and our investments and other operations in a very competitive environment,” Paul Sobey, president and chief executive officer of Empire, said in a statement.