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4w ago

Empire Co. Reports Q4 Profit Gain and Raises Dividend as Inflation Remains Stable

Michael Medline says the grocer’s price increases are well under national figures, with food inflation expected to mirror long-term averages.

Shoppers at a west-end Toronto Sobeys grocery store, Sunday, June 26, 2023. THE CANADIAN PRESS/Graeme Roy

Overview

  • Empire Co. earned $173 million, or 74¢ per diluted share, in the quarter ended May 3, up from $149 million or 61¢ a year earlier.
  • Revenue increased to $7.64 billion from $7.41 billion, with same-store sales up 3.0% driven by a 3.8% rise in food.
  • The company boosted its quarterly dividend to 22¢ per share from 20¢.
  • CEO Michael Medline said internal price increases were well below the 3.8% food inflation reported for April by Statistics Canada and should track the long-term average of about 3%.
  • Empire remains on track to renovate 20–25% of its store network between fiscal 2024 and 2026.