Canada's Empire posts 24 pct fall in profit from continuing operations

Thu Sep 12, 2013 7:16am EDT
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Sept 12 (Reuters) - Empire Co Ltd, parent of Sobeys grocery chain, reported a 24 percent fall in first-quarter profit from continuing operations as competition increased and expenses rose due to its acquisition of the Canadian assets of Safeway Inc.

Net earnings from continuing operations fell to C$82.6 million ($79.9 million), or C$1.21 per share, in the quarter ended Aug. 3 from C$108.1 million, or C$1.59 per share, a year earlier.

Empire bought the Canadian assets of Safeway for $5.7 billion in June to double its reach in the country's western provinces.