Sobeys parent company Empire (TSE:EMO) posts massive loss

Q4 net loss totalled more than $900 million

Empire Company Ltd. (TSE:EMO), parent of the Sobeys supermarket chain, has reported a massive fourth-quarter net loss of more than $900 million, citing challenges related to its Canada Safeway acquisition in Western Canada.

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The company reported a loss of $942.6 million or $3.47 per diluted share, compared with a net profit of $55.4 million or 20 cents per share in last year’s fourth quarter.

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