Empire Company Q3 net earnings up 8.5% from year ago to $134.2M, same store sales up 1.9%

Empire Company Limited reported net earnings in its third quarter of $134.2 million compared to $125.7 million last year. Same store sales excluding fuel increased 1.9 per cent.

Adjusted net earnings for the period were $153.1 million compared to $164.8 million the year before.

“Our team delivered solid results, in line with our expectations, given a cautious consumer navigating the impacts of higher interest rates,” said Michael Medline, president & CEO, Empire. “We are a different Empire Company now, with the capabilities, processes, and disciplines in place to stay strong through tougher times as shown in our quarterly results. More than ever, we are focused on identifying novel ways to provide ongoing value to our customers, including through the recent launch of a new 11-week program that lowered or locked prices on approximately 1,000 items across many of our banners.”

Sales were $7.49 billion compared with roughly $7.48 billion a year ago.

Empire reports that sales were driven by growth in discount and full service businesses but was offset by lower fuel sales due primarily to the sale of its retail fuel sites in Western Canada in the first quarter of the company’s fiscal 2024.