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Earnings

Empire Reports Fiscal 2026 Third Quarter Results

By The Northwire Desk — AI Analysis Mar 12, 2026 · 06:30 EMP · 48.75
EMP · Price

Executive Summary

  • Empire Company reported FY‑2026 Q3 sales of C$7.89 bn, a modest 2.1% increase year‑over‑year.
  • Net loss widened to C$385 m ($1.68 EPS) versus a profit of $146 m a year ago; however, adjusted net earnings rose 12.3% to C$164 m ($0.72 adjusted EPS).
  • A non‑cash e‑commerce impairment of C$746 m was recorded, but the company expects annualized operating‑income benefits of ≈C$95 m beginning Q4 2026, with a portion reinvested in growth initiatives.

Key Details

  • Sales & Margins
  • Total sales: C$7,890 m (up 2.1%).
  • Food sales up 3.0% to C$7,477 m; fuel sales down 11.4% to C$413 m.

  • Gross profit: C$2,130 m (+2.3%); gross margin unchanged at 27.0%.

  • Profitability

  • Net (loss) earnings: C$(385) m ($1.68 EPS) vs. $146 m profit a year earlier.
  • Adjusted net earnings: C$164 m ($0.72 adjusted EPS), up 12.3% YoY.

  • Adjusted operating income: C$308 m (up C$20 m).

  • Impairments & E‑commerce Update

  • Recognized e‑commerce impairment of C$746 m (ROU, property/equipment, intangibles).
  • Closure of Calgary fulfillment centre and pause on Vancouver centre; severance and decommissioning costs included.

  • Expected annualized operating‑income benefit of ≈C$95 m starting Q4 2026; ~C$15 m realized in Q4 2026.

  • Capital Expenditure & Cash Flow

  • Capex for the quarter: C$239 m (vs. C$187 m prior year).
  • Free cash flow: C$288 m (up from C$147 m YoY).

  • Operating cash flow increased to C$611 m.

  • Share Repurchase (NCIB)

  • Up‑to‑C$400 m share buy‑back program for FY 2026.

  • Q3 shares repurchased: 3.10 m at a weighted average of $48.37, cash consideration C$150 m.

  • Dividend

  • Board declared quarterly dividend of $0.22 per share (Class A & B), payable 30 Apr 2026 to shareholders of record 15 Apr 2026.

  • Outlook & Guidance

  • Capital spend forecast ≈C$850 m for FY 2026 (≈50% store renovations/expansion, 25% IT/business development).
  • Anticipated e‑commerce operating‑income improvement of C$95 m annually, with one‑third reinvested in growth engines.

Notable Quotes

“We delivered a solid third quarter, with adjusted EPS growth of 16%, driven by strong Full‑Service performance and healthy results across all of our formats,” – Pierre St‑Laurent, President & CEO, Empire.

Read the original news release →

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