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With approximately $30.5 billion in annual sales and $16.3 billion in assets, Empire Company Limited and its subsidiaries, franchisees and affiliates employ approximately 130,000 people.

First Quarter Fiscal 2023 Summary:

  • Earnings per share of $0.71 compared to $0.70 last year
  • Same-store sales excluding fuel increased by 0.4%
  • Excluding fuel, gross margin increased by 63 basis points
  • Project Horizon strategy on track
  • Scene+ launched in Atlantic Canada in August 2022

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
Sales30,162.428,268.326,588.2
Gross profit(1)7,659.77,199.36,633.3
Gross margin(1)25.4%25.5%24.9%
Operating income1,363.71,299.51,111.8
EBITDA(1)2,330.82,143.81,892.4
EBITDA margin(1)7.7%7.6%7.1%
Net earnings(2)745.8701.5583.5
per share (diluted)2.802.602.15
18.8216.3014.51
Dividends per share0.600.520.48
  1. 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.
  2. See the website’s Glossary for more.
  3. Attributable to the owners of Empire Company Limited.

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