10:01:24 EDT Thu 09 May 2024
Enter Symbol
or Name
USA
CA



Empire Company Ltd
Symbol EMP
Shares Issued 149,137,809
Close 2023-12-15 C$ 34.27
Market Cap C$ 5,110,952,714
Recent Sedar Documents

Globe says Empire posts wider Q2 sales and earnings

2023-12-15 08:39 ET - In the News

The Globe and Mail reports in its Friday edition that Empire posted sales and earnings growth in its grocery business in the second quarter, while income from investments and other operations led to a decline in profits. The Globe's Susan Krashinsky Robertson writes that Empire reported that net earnings fell to $181.1-million or 72 cents a share in the quarter ended Nov. 4. That compared with $189.9-million or 73 cents a share in the same period last year. Empire recorded a $20.6-million insurance recovery related to a cybersecurity breach that hit the company last November. It also recorded $16.8-million in restructuring costs related to a plan to improve efficiencies. Not including those items, adjusted net earnings were lower at $178.3-million or 71 cents a share. Sales and adjusted earnings per share both came in below analysts' estimates for the quarter. Empire, which owns chains including Sobeys, Safeway, IGA and FreshCo, reported that sales and profits were up in its grocery operations, with adjusted net earnings in the food retailing segment rising 8.5 per cent to $171.5-million. Income from its investments and other operations declined, mostly because fewer property sales led to lower equity earnings.

© 2024 Canjex Publishing Ltd. All rights reserved.