BUZZ-Empire Co Ltd: Profit falls 12 pct

Thu Sep 10, 2015 12:23pm EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

** Food retailer's shares down 7.5 pct at C$84.94

** Q1 net earnings fall 11.6 pct to C$108.8 mln, company reports late on Wednesday

** Empire, which bought Safeway's Canadian operations in 2013, said Q1 adjusted earnings per share were C$1.32 vs C$1.40 last year

** The company said it had underestimated the time needed to adapt to the changes from the integration of the Safeway operations, including changes related to the IT system and reorganization

** Analyst at BMO Capital Markets expects the integration issues related to Safeway and weak economic environment to pressure Empire's margins through fiscal 2016

** Up to Wednesday's close, stock had risen 4.8 pct this year