Sobeys parent Empire Company (tsx emp.a) starts 2013 calendar year off on a positive note (fiscal 2013), vs Loblaws (food sales,earnings,theaters,dividend)
- Category: Grocers
- Last Updated on Sunday, 21 April 2013 23:25
- Published on Thursday, 14 March 2013 03:15
- Written by Grocery News
revenue: In the 13 weeks ended February 3, 2013 Empire Company took in revenues of $4.342 billion (+8.96% from $3.9848b) which is up from last year's third quarter but still the weakest of the three quarterly periods reported on thus far in fiscal 2013 ($4.4b q2, $4.6b q1). Sobeys sales accounted for $4.2848 billion of the revenue (+$347.6m) but that includes $246.8m in revenue from gas bars; the 236 new gas bars contributed all but 2.6% of the 9% increase in total sales. Adjusted sales not accounting for the impact of the acquisition of 236 retail gas locations: $4.027.4 million (+97.1m/+2.5%). 39 weeks: company revenue +9.3% -> $13.3038b of which Sobeys contributed $13.1013 billion (+9.1%). full results on the first quarter of the calendar year/third quarter of the fiscal year here
earnings: during this period Empire profited $75.2m/$1.11 a share (-6%) down from the last period for two reasons i) $4.8m one time accounting charge ii) last year, profit was artificially boosted by $9.3m worth of asset sales. Adjusted net income $79.6m ($1.17/share). Adj net earnings excluding Crombie Reit: $71.7m (+7.98%) or $248.7m (+15.5%) in the 39 week period.
margins: Sobeys gross profit margin fell from 24.08% to 23.03% (39 weeks) attributable to lower margin fuel sales (excluding that, gross margin 24.25% vs 24.27% in the previous year).
empire theaters: 52 locations representing 434 screens. other assets: value of its share of investments + change since May 2012: crombie 579.5m +58.8m, Genstar: $197.5m 58.7m, CDCP: 9.1m +1.9m, other 36.7m +23.7m. total: $822.8m +143.1m. Genstar is a residential land developer operating in Western Canada and the USA.
other: same-store sales up +1.2% (compared to +1.5% at Metro, 0.0% at Loblaws). Sobeys and its affiliated retail stores are now found in over 800 communities across the country. Sobey's said that its 42.9% interest in Crombie Reit is worth $579.5 million. On November 17, 2012 sold petroleum and natural gas properties for $17.1m
other segment financials (39 wks): sales: $57.2m +20.2% (169.6m +9.3%). ebitda: $14.9 -11.8% ($55.5m +2.2%), operating income: $11.6m -7.9% ($43.6m +3.6%), net earnings: $6.4m -9.9% (426.6m +9.0%).
investor keys: - funded debt to total capital ratio DOWN: 24.6% -> 21.6% - quarterly dividend @24c which is up +1.5c
Loblaws reported on its previous quarter only a few weeks ago. how did it do? performance was lackluster
12 weeks revenue up a modest +1.25% to $7.465 billion, gross profit nudged higher +1.46% to $1.734 billion. net income down -17.82% to $143 million though quarterly dividend was up for the first time in over a year +1c -> 22c. same-store sales growth flat @0.0%.