Grocery stores saw some astronomical sales numbers in Burnaby as people stocked up on – or hoarded – items as COVID-19 produced unfounded fears of a supply chain collapse.
People have calmed down about that after 18 months of living through the pandemic, but sales for grocery stores are still rolling along.
Safeway, for example, operates two stores in North Burnaby on Hastings Street (it previously closed its store on Kingsway in the Metrotown area). It’s part of Empire Co. Ltd., which says it earned $188.5 million in its latest quarter. The grocery retailer says its profit amounted to 70 cents per share for the quarter ended July 31.
Excluding the two one-time items last year, Empire says its earnings per share in its latest quarter were up 4.5 per cent.
Other companies have reported sales continuing with strong numbers.
Loblaw, which operates Shoppers Drug Mart, T&T and Real Canadian Superstore in Burnaby, reported back in May that its profits were up 30 per cent to $313 million in the first quarter of 2021 compared with a year ago. Revenues for the three months ended March 27 totalled $11.87 billion, up from $11.8 billion.
most grocers have indicated that financial results will become more muted as they compare performance against the elevated sales recorded during the first wave of COVID-19 when consumers stockpiled goods in an effort to limit their shopping frequency and abide by stay-at-home orders.
But the fear-induced hoarding at the beginning of the pandemic has largely stopped, which could make results a year later look flat or even lower than last year's peak.
- With files from the Canadian Press
