Empire Company Limited Releases Fourth Quarter and Fiscal 2023 Results; Michael Medline Discusses
STELLARTON, NOVA SCOTIA, CANADA - Empire Company Limited is giving us a look at its performance for the fourth quarter of fiscal 2023. The parent company of Sobeys, Safeway, FreshCo, and more has announced a recent gain, reporting net earnings of $182.9 million compared to $178.5 million last year.
“With our six-year turnaround now complete, we have the tools, team, assets, and capabilities needed to thrill our customers, compete, and win,” said Michael Medline, President and Chief Executive Officer, Empire. “Our focus going forward will be on turbocharging our business, with an even greater emphasis on our stores and supply chain, enhancing our digital capabilities, and driving efficiency.”
Some key highlights found in the grocer’s report include:
- Same-store sales, excluding fuel, increased by 2.6 percent
- Quarterly adjusted net earnings of $184.9 million, compared to $178.5 million last year
- Capital investment program for fiscal 2024 expected to be approximately $775 million
As Empire highlighted in its release, the company also successfully completed its three-year growth strategy, Project Horizon. This comprehensive strategy has realized significant benefits from the store renovation program, new store expansion (including FreshCo conversions and Farm Boy expansion), promotional optimization and data analytics, a new loyalty program, personalization of customer offers, portfolio growth, and generating strategic sourcing cost efficiencies.
The retailer plans to continue these initiatives to provide benefits in fiscal 2024 and beyond, with a strong emphasis on developing the store network through renovations and new store expansion.
For more details on the company’s financial report, click here. Stick around as ANUK continues to bring you the latest retail insights.