Manulife Monthly High Income Fund
- Sobeys owner Empire Co. Ltd. recorded a significant second-quarter earnings boost as it digested its Canada Safeway acquisition, while tracking slightly higher same-store sales in an environment of stiff grocery retail competition.
- Adjusted net earnings from continuing operations, net of non-controlling interest, climbed to $128.2-million, or $1.39 per share in the 13-week period ended Nov. 1, 2014 compared with earnings of $83.4-million ($1.22) in the same period last year.
- Sales jumped 36% to $5.99-billlion a rise of $1.58-billion from last year.
- Same-store sales, a measure of retail strength tallying volume at locations open for more than a year, rose 1.7%.
- Sobeys has been trying to carve out a unique niche in the cutthroat grocery retailing market, as retailers fight to keep loyal customers amid ongoing expansion from Walmart and Costco.
- The company said it realized synergies of $31.5-million in the quarter from the Canada Safeway acquisition, which closed last November.
- Empire Co. is 2.3% weight in the portfolio.