Manual new login shell invocation

$ echo echo profile_read > ~/.profile
$ env -i dash -l

Expected: profile_read
Actual result: no output

Is this a bug in dash or am I missing something?

man env:
   -i, --ignore-environment
		  start with an empty environment

man dash:
 -l               Make  dash  act  as if it had been invoked as a
				  login shell.

Avid