Empire Company Limited Releases Fiscal 2023 Second Quarter Results; Michael Medline Comments
STELLARTON, NOVA SCOTIA, CANADA - The results are in! We are finally getting a closer look at the recent growth of Empire Company Limited, which revealed significant developments across its strategies and operations with the release of its latest earnings report. This is reflected by a $14.5 million gain as the grocer recorded net earnings of $189.9 million compared to $175.4 million last year.
“Our team put up another solid quarter with improved same-store sales of 3.1 percent, including double-digit growth for Voilà,” said Michael Medline, President and Chief Executive Officer. “Despite a persistent inflationary environment, the fundamentals of our business remain strong. The continued momentum and solid performance seen across our Full Service and Discount banners are a direct result of our Project Horizon initiatives.”
Some highlights covered in the second quarter report include:
- Same-store sales, excluding fuel, increased by 3.1 percent
- Project Horizon strategy on track
- Scene+ now launched in Atlantic Canada, Western Canada, and Ontario
- All retail fuel sites in Western Canada to be sold for approximately $100 million
As it looks to fiscal 2023, Empire expects growth in terms of same-store sales as well as further success through its Project Horizon initiatives and other operating improvements in fiscal 2023. According to a press release, the grocer also plans to open two additional stores in Alberta in the remainder of fiscal 2023 for a total of 44 stores.
Click here for more insight into the grocer’s performance, strategies, and more.
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