Canadian grocery retailer Sobeys has reported lower quarterly net income despite a rise in sales.
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The company posted net income of C$44m (US$33.0m), or 67 cents per share, for the third quarter to 31 January, compared with $45.8m, or 70 cents per share, in the year-ago period.
Third-quarter sales rose to $2.74bn from $2.59bn in the third quarter of the previous year, while same-store sales increased 1.5%.
CEO Bill McEwan said the sales growth has been fuelled by the company’s aggressive pricing strategy.
“Our determination to be more competitive than ever before in increasingly competitive markets, requires that we invest more in lower retail prices than expected three to six months ago,” added McEwan.
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