Ottawa, Jun. 26 - Empire Co Ltd reported a lower quarterly profit Friday as stronger sales in its core grocery business were more than offset by sharp declines in its property and investment operations.
Canada's No. 2 grocery chain, whose banners include Sobeys supermarkets, said it earned C$63.6 million, or 96 Canadian cents a diluted share for the fourth quarter, ended May 31. That is down from C$66.5 million, or C$1.01, for the same time last year.
Revenue rose 4.2 percent to C$3.7 billion.
Analysts had expected on average earnings per share of C$1.18 before items on revenue of C$3.74 billion, according to Reuters Estimates.
Shares in the company, which repeated a forecast it made last quarter for lower comparative results from its investments, gained 24 Canadian cents to C$46.56 on the Toronto Stock Exchange Friday morning.