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/BloombergThis article is for subscribers only.
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.