Sobeys parent company Empire posted better than expected quarterly results, sending its shares more than 4% higher on Thursday.
The- Nova Scotia-headquartered company, which also owns Safeway, IGA, Foodland, Farm Boy, FreshCo Thrifty Foods and Lawtons Drug, reported sales of $8.14 for the fiscal first quarter of 2025.
This was up from $8.08 billion a year earlier and topped estimates of $8.05 billion.
Same-store sales were up 0.5%, while same-store sales excluding fuel rose 1%.
Adjusted earnings per share (EPS) of $0.90, up from $0.78 in the year-ago quarter and ahead of Street estimates of $0.87.
"We enter fiscal 2025 with confidence due to strengthening same-store sales growth and strong control of our margins and costs," Empire CEO Michael Medline commented.
"We are increasingly optimistic as market conditions are gradually improving, contributing to a more predictable operating environment."
Shares of Empire added 4.4% at US$29.70 late morning on Thursday.