BUSINESS

Acquisition of 236 gas bars, convenience stores boosts Q3 revenue at Empire Co.

03/12/2013 10:29 EDT | Updated 05/12/2013 05:12 EDT
STELLARTON, N.S. - The parent of the Sobeys grocery chain says its acquisition of 236 retail gas and convenience locations helped boost revenue to $4.34 billion in the latest quarter.

Empire Company Ltd.'s revenue was up nine per cent from the same time last year but would have been up a more modest 2.6 per cent without the acquisition.

Most of Empire's revenue was generated by Sobeys, which contributed $4.28 billion of the total including $246.8 million from the acquired gas bar locations.

Nova Scotia-based Empire (TSX: EMP.A) said it had $75.2 million of net income in its financial third quarter ended Feb. 2, equal to $1.11 per share.

Adjusted earnings were slightly higher at $79.6 million or $1.17 per share — two cents per share above a consensus estimate compiled by Thomson Reuters..

The adjustments exclude a number of items, including a $9.3-million gain that Empire recognized last year on the sale of some assets.