With approximately $30.2 billion in annualized sales and $16.6 billion in assets, Empire and its subsidiaries, franchisees and affiliates employ approximately 130,000 people.
Fourth Quarter Fiscal 2022 Summary:
- Earnings per share of $0.68 compared to $0.64 last year
- Same-store sales excluding fuel decreased by 2.5% compared to COVID-elevated sales levels last year
- Excluding fuel, gross margin increased by 17 basis points
- Project Horizon growth plan on track; second year successfully completed
- Announced new loyalty strategy; Scene+ rollout to begin in Atlantic Canada in August 2022
- Annual dividend per share increased 10%
- Repurchased 6.4 million shares ($249 million) in fiscal 2022, an increase of 55% over fiscal 2021
- Intention to repurchase $350 million of shares in fiscal 2023
- Capital investment program for fiscal 2023 expected to be approximately $800 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. 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 is on track to generate a compound average growth rate in earnings per share of 15% over Project Horizon’s three-year timeframe. In fiscal 2021, Project Horizon benefits were achieved from the expansion and renovation of the Company’s store network, improvement in store operations and merchandising from data analytics along with continued efficiencies gained through strategic sourcing initiatives. Benefits were partially offset by the investment in the Company’s e-commerce network.
| $ in millions, except per share amounts | 52 Weeks Ended May 1, 2021(1) | 52 Weeks Ended May 2, 2020 | 52 Weeks Ended May 4, 2019 |
|---|---|---|---|
| Sales | 28,268.3 | 26,588.2 | 25,142.0 |
| Gross profit(2) | 7,199.3 | 6,633.3 | 6,083.6 |
| Gross margin(2) | 25.5% | 24.9% | 24.2% |
| Operating income | 1,299.5 | 1,111.8 | 652.3 |
| EBITDA(2) | 2,143.8 | 1,892.4 | 1,069.5 |
| EBITDA margin(2) | 7.6% | 7.1% | 4.3% |
| Net earnings(3) | 701.5 | 583.5 | 387.3 |
| per share (diluted) | 2.60 | 2.15 | 1.42 |
| 16.30 | 14.51 | 14.72 | |
| Dividends per share | 0.52 | 0.48 | 0.44 |
- 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.
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Shareholders, Investors & Analysts
Dividend History
Sustainable Business Report