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With approximately $30.7 billion in annual sales and $16.8 billion in assets, Empire Company Limited and its subsidiaries, franchisees and affiliates employ approximately 128,000 people.
Fourth Quarter Fiscal 2024 Summary:
- Earnings per share (“EPS”) of $0.61 and adjusted EPS of $0.63
- Prior year EPS and adjusted EPS of $0.7
- Same-store sales, excluding fuel, increased by 0.2%
- Gross margin, excluding fuel, increased by 68 basis points
- Accelerating Voilà’s path to profitability, including pausing the timing of the fourth CFC
- Repurchased $400 million of shares in fiscal 2024
- Capital allocation outlook for fiscal 2025:
- Declared a dividend increase of 9.6%
- Renewed NCIB with the intention to repurchase approximately $400 million of shares
- Capital investment program expected to be approximately $700 million
Financial Highlights
In the first quarter of fiscal 2021, the Company launched Project Horizon, a three-year strategy focused on core business expansion and the acceleration of e-commerce. 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. The Company expects to generate a compound average growth rate in earnings per share of at least 15% over Project Horizon’s three-year timeframe. In fiscal 2022, benefits were achieved from promotional optimization and data analytics, the continued expansion and renovation of the store network, and strategic sourcing efficiencies. Benefits achieved in fiscal 2021 and fiscal 2022 were partially offset by the planned investment in the Company’s e-commerce network.
| $ in millions, except per share amounts | 53 Weeks Ended May 7, 2022 | 52 Weeks Ended May 1, 2021 | 52 Weeks Ended May 2, 2020 |
|---|---|---|---|
| Sales | 30,162.4 | 28,268.3 | 26,588.2 |
| Gross profit(1) | 7,659.7 | 7,199.3 | 6,633.3 |
| Gross margin(1) | 25.4% | 25.5% | 24.9% |
| Operating income | 1,363.7 | 1,299.5 | 1,111.8 |
| EBITDA(1) | 2,330.8 | 2,143.8 | 1,892.4 |
| EBITDA margin(1) | 7.7% | 7.6% | 7.1% |
| Net earnings(2) | 745.8 | 701.5 | 583.5 |
| per share (diluted) | 2.80 | 2.60 | 2.15 |
| 18.82 | 16.30 | 14.51 | |
| Dividends per share | 0.60 | 0.52 | 0.48 |
- This financial information is effective for the first quarter of the fiscal 2021. For comparative purposes, the adjusted operating income, adjusted EBITDA, adjusted net earnings, and related metrics are excluded due to their immaterial nature.
- See the website’s Glossary for more.
- Attributable to the owners of Empire Company Limited.
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Shareholders, Investors & Analysts
Dividend History
Sustainable Business Report