By Adriano Marchese
Shares of Empire opened lower Thursday after it reported lower profit in its second quarter and said that it expects sales to fluctuate.
At 9:39 a.m. ET, shares were trading 5.4% lower at 36.85 Canadian dollars ($27.26).
The Stellarton, Nova Scotia-based retail grocer said it expects same-store sales to fluctuate over the short term, given the negative sales effect in the prior-year caused by a cybersecurity attack.
Empire said that the continued effects of inflation on consumer behavior, which will weigh on sales, are also a factor.
In the quarter, net income fell to C$181.1 million, or C$0.72 a share in the period ended Nov. 4, from C$189.9 million, or C$0.73 a share, in the comparable quarter a year ago.
Adjusted earnings of C$0.71 a share missed FactSet-polled analyst expectations of C$0.76 a share.
Write to Adriano Marchese at [email protected]
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