Empire Company Limited Shares Fiscal 2023 First Quarter Results; Michael Medline Comments
STELLARTON, NOVA SCOTIA, CANADA - In our latest update on the retail sector, Empire Company Limited has reported a successful first quarter of fiscal 2023, marked by key expansions, strategy advancements, and unique program launches.
“We’re off to a strong start in fiscal 2023 and are confident in the momentum and continued underlying strength across our businesses,” said Michael Medline, President and Chief Executive Officer. “We are very pleased with the recent launch of our Scene+ loyalty program in Atlantic Canada, a great start for a foundational element in our company’s success going forward.”
On top of all of these accomplishments, the report also revealed that Empire’s total sales reached $7,937.6 million for the 13 weeks ended August 6, 2022, demonstrating a $311.6 million increase from the $7,626 million reported for the 13 weeks ended July 31, 2021.
Empire launched Project Horizon, its three-year blueprint focused on core business expansion and the acceleration of e-commerce, in the first quarter of fiscal 2021. Now, in its third and final year, the company remains on track to achieve an incremental $500 million in annualized EBITDA and an improvement in EBITDA margin of 100 basis points by fiscal 2023 by growing market share and building on cost and margin discipline, according to a press release. The grocer now expects to generate a compound average growth rate in earnings per share of at least 15 percent over Project Horizon’s three-year timeframe.
Some of the other highlights shared in the report include:
- Same-store sales excluding fuel increased by 0.4 percent
- Excluding fuel, gross margin increased by 63 basis points
- Net earnings of $187.5 million ($0.71 per share) compared to $188.5 million ($0.70 per share) last year
- Scene+ launched in Atlantic Canada in August 2022
Read further into Empire’s recent financial results here.
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