Canada · Delayed Price · Currency is CAD Empire Company Earnings Call Transcripts
Fiscal Year 2026
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Fiscal 2026 ended with 8.7% adjusted EPS growth, strong core business performance, and a 10.2% dividend increase. Over 70 new stores are planned in three years, with a focus on discount and pharmacy growth. Fiscal 2027 EPS growth is expected at the high end of guidance.
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Q3 saw strong sales and EPS growth, with disciplined cost control and strategic e-commerce restructuring. Gross margin was flat, but underlying performance remains robust, and cost benefits from recent actions are expected to drive further gains in fiscal 2027.
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Core business delivered 12.5% adjusted EPS growth year-over-year, with food sales up 3.4% and same-store sales up 2.5%. Gross margin improved, and disciplined cost control remains a focus. E-commerce profitability improved, and new store and wholesale growth are expected to continue.
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Fiscal 2026 began with strong adjusted EPS growth and improved gross margin, despite softer same-store sales due to cycling last year's one-time events and cold weather. Investments in analytics, disciplined cost control, and new store openings support continued growth, with Q2 starting ahead of Q1.
Fiscal Year 2025
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The meeting featured unanimous approval of all formal business, strong financial results for fiscal 2025, and recognition of leadership transitions. Strategic focus remains on local supply chains, innovation, and CEO succession, with continued investment in community and operational excellence.
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Q4 delivered 17.5% EPS growth and 3.8% same-store sales growth, with strong gross margin gains and disciplined cost control. Fiscal 2026 will see $850M CapEx, 24 new stores, a 10% dividend hike, and $400M in share buybacks, as momentum continues across all banners.
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Q3 delivered solid results with 3.1% food sales growth, 2.6% same-store sales, and a 43 bps gross margin increase. E-commerce sales surged 72%, and core operations improved despite flat adjusted EPS. Tariff risks are mitigated by diversified sourcing and strong cash generation.
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Q2 delivered 1.8% same-store sales growth, 48 bps gross margin improvement, and 12% e-commerce sales growth. Adjusted EPS rose 8.7% year-over-year, with strong performance in both full-service and discount channels, and continued investment in store expansion and digital partnerships.
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Fiscal 2025 opened with record adjusted EPS, margin expansion, and strong e-commerce growth, as both full service and discount channels outperformed peers. Management expects gradual top-line improvement as consumer sentiment and market conditions recover.
Fiscal Year 2024
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The meeting covered board elections, strong financial results, and strategic initiatives such as store network refresh, e-commerce growth, and ESG progress. All proposals passed unanimously, and leadership addressed economic challenges, productivity concerns, and industry collaboration on a Grocery Code of Conduct.
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Q4 saw stable financial performance with improved gross margins and disciplined cost control, while e-commerce (Voilà) posted strong sales growth but remains unprofitable. Capital allocation remains disciplined, with a dividend increase and share buybacks planned for fiscal 2025.