05:47:18 EDT Thu 09 May 2024
Enter Symbol
or Name
USA
CA



Empire Company Ltd
Symbol EMP
Shares Issued 149,137,809
Close 2023-12-14 C$ 34.57
Market Cap C$ 5,155,694,057
Recent Sedar Documents

Globe says Empire CEO calls price hikes "unfair"

2023-12-15 08:12 ET - In the News

The Globe and Mail reports in its Friday edition that Empire chief executive officer Michael Medline says his stores will not accept the latest price-increase requests from some multinational suppliers, calling the requests "ridiculous" and "unfair." The Globe's Susan Krashinsky Robertson writes that Mr. Medline said that while the majority of price hikes suppliers have asked for over the past couple of years have been justifiable, as inflationary pressures affected manufacturers' costs, Empire cannot agree to recent requests. Mr. Medline said on a conference call with analysts: "It's not the right thing to do. And if that results in a few holes in our shelves, we believe that Canadians will more than understand. ... We'll fill it with other goods in our store, including our own [private-label] brands." As grocery retailers have faced scrutiny over whether they are doing enough to fight food inflation, executives have grown more vocal about other parts of the supply chain that contribute to rising prices. Mr. Medline said when Empire's own costs go up, it must absorb some increases. He added: "We have to find ways to save money, and we've got to eat some of it if we have to. That's the way you do business."

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