Grocery retailer Empire Co. Ltd. reports $146.1M Q3 profit, as sales rise
Empire Co. Ltd. says it earned a third-quarter profit of $146.1 million as its sales rose during the period.
The parent company of grocery retailer Sobeys says the profit amounted to 62 cents per diluted share for the 13-week period ended Feb. 1, compared with a profit of $134.2 million or 54 cents per diluted share a year ago.
Sales for the quarter totalled $7.73 billion, up from $7.49 billion a year earlier.
The increase came as same-store sales rose 2.5%. Same-store sales growth, excluding fuel sales, amounted to 2.6%.
On an adjusted basis, Empire says it earned 62 cents per diluted share in its latest quarter, which was the same compared with its third quarter last year.
READ: Empire bets on full-service grocery stores gaining strength as economy improves
Empire also announced that Matt Reindel, executive vice-president and chief financial officer has decided to retire from the company. He will be replaced in May by Constantine (Costa) Pefanis, who has most recently served as CFO of Green Infrastructure Partners (GIP Inc.).
Reindel has agreed to stay on for the next several months to support a seamless transition.
"Matt has been an incredible partner since joining Empire in 2019 and becoming CFO in 2021," said Michael Medline, president & CEO, Empire. "He played a critical role in helping drive Empire's turnaround while also navigating the challenges brought on by the pandemic as well as a period of high inflation and interest rates. He has been instrumental in building the foundation for our ongoing success."
Pefanis joins Empire with a breadth of experience and practical depth, including capital and public markets expertise across different sectors, including retail. He holds a Bachelor of Commerce degree from the University of Toronto and is a Chartered Professional Accountant (CPA). Pefanis began his career with Arthur Anderson in its Advisory Practice, before joining Leon's Furniture Limited (LFL Group) where he held progressively senior finance roles, including as CFO, over a 19-year career.
"I am thrilled that Costa will be joining Empire as CFO," continued Medline. "He is an experienced, immensely capable and intensely goal-oriented leader who will play a critical role in helping drive Empire's results in the years to come."
With additional files from Empire Co. Ltd.
