Profits under pressure at Sobeys

Date : 13 March 2014
Sobeys’ third quarter sales increased by 40.4% to $6.0bn, impacted by the acquisition of Canada Safeway. Excluding the acquisition, sales were up 2.7%, while same store-sales declined 0.2%. Net earnings from food retailing fell from $67.7m in 2013 to $3.9m, mainly due to sales and gross margin…
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