date:Mar 13, 2014
Empire Co Ltd, the operator of Canadian grocery chain Sobeys, reported a steep fall in quarterly profit, hurt by higher inventory losses and higher costs due to a weaker Canadian dollar.
The company posted a increased loss of inventory between manufacturing and sale of Sobeys' fresh retail products.
Net earnings fell to C$40,000, or nil Canadian cents per share, in the third quarter, ended Feb 1, from C$74.1 million, or C$1.09 per share, a year earlier.
Empire reported third-quarter adjusted