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Empire Jumps Most in 17 Years as Grocer's Turnaround Accelerates

  • Cost discipline, return of food inflation help boost earnings
  • Company yet to lay out plans to expand e-commerce offering
A Sobeys Inc. grocery store stands in Toronto.
Photographer: Brent Lewin/Bloomberg

The worst seems to be over for Canada’s Empire Co., the owner of the Sobeys grocery chain that’s embarked on a multi-year plan to cut costs and win back customers.

Rising food inflation and cost discipline helped the Stellarton, Nova Scotia-based company post earnings that beat the highest analyst estimate for the quarter ended Aug. 5. Shares jumped 15 percent to C$22.75 at 11:12 a.m. in Toronto, the biggest intraday rise since March, 2000.