STELLARTON, NOVA SCOTIA, CANADA - Empire Company Limited, the parent company of Sobeys, has reported an optimistic outlook for its next fiscal year. The company has released its financial results for the first quarter ended August 3, 2024, reporting net earnings of $207.8 million ($0.86 per share) compared to $261 million ($1.03 per share) last year.

"We enter fiscal 2025 with confidence due to strengthening same-store sales growth and strong control of our margins and costs," said Michael Medline, President and Chief Executive Officer. "We are increasingly optimistic as market conditions are gradually improving, contributing to a more predictable operating environment. Our team remains focused on strong execution and operational discipline, and we are starting to see the benefits as our strategic initiatives gain traction and deliver results."

For the quarter, the company recorded adjusted net earnings of $218.7 million ($0.90 per share) compared to $196.2 million ($0.78 per share) last year, according to a press release.

Sobeys has strategically accelerated investments in renovations, conversions, and new stores over recent years, along with elevating its store processes, communications, training, technology, and tools. As the company shared in its release, investing in its store network will remain a priority, demonstrated by a sustained emphasis on renovations and continued store expansion in discount.

Other highlights from the report include:

• Earnings per share ("EPS") of $0.86 and adjusted EPS of $0.90
• Prior year EPS of $1.03 and adjusted EPS of $0.78
• Same-store sales, excluding fuel, increased by 1 percent
• Gross margin, excluding fuel, increased by 46 bps

For more from the report, click here.

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