Canadian retailer Sobeys has booked an increase in full-year profits.
In the 12 months ended 5 May, net profit was up 2.3% to C$304.1m (US$296.6m). Adjusting for the additional week of operations at Sobeys in fiscal 2011, net earnings would have been C$274.5m. Operating profit in the period edged up 0.5% to C$475.8m.
Net sales increased 1.8% to C$16.04bn. Same-store sales rose 1.4% for the year.
Earlier this month, Sobeys owner Empire Co. appointed Marc Poulin as the retailer's new CEO. Poulin joined Sobeys in 1997 and takes the role from today (29 June). He replaces Bill McEwan, who said in February he wanted to retire on health grounds.
Source:
http://www.just-food.com/news/profits-up-at-retailer-sobeys_id119626.aspx
