Company to Launch FreshCo Discount Format in
Western Market
Second Quarter Summary
- Same-store sales excluding fuel increased 0.4%
- Loss per share of $0.09 due to
restructuring expenses
- Adjusted earnings per share of $0.27 compared to $0.12 last year
- Project Sunrise expenses in second quarter of $129.2 million ($92.8
million after tax)
- Project Sunrise transformation on track; phase one complete,
targets met
STELLARTON, NS, Dec. 13, 2017 /CNW/ - Empire Company Limited
("Empire" or the "Company") (TSX: EMP.A) today announced its
financial results for the second quarter ended November 4, 2017. For the quarter, the
Company recorded adjusted net earnings, net of non-controlling
interest, of $73.9 million
($0.27 per diluted share) compared to
$32.9 million ($0.12 per diluted share) in the second quarter
last year, an increase of approximately 125%.
"Our second quarter results were another step on our journey to
revitalize Empire Company," said Michael Medline, President and
CEO. "We grew same-store sales and margins while continuing to
maintain our focus and discipline on cost control. Our
progress is particularly encouraging as we begin to reap the
benefits of Project Sunrise, fortify our brand and customer
experience, and grow our company."
The Company is also announcing that it will move forward with
plans to convert up to 25% of its 255 Safeway and Sobeys full
service format stores in Western
Canada to its discount FreshCo banner over the next five
years.
"This is a very attractive strategic and financial opportunity
for us that will grow our market share in the Western provinces in
a profitable way," said Michael Medline. "Our comprehensive
research and analysis shows that the West is fertile ground for
'small box' discount and that our FreshCo banner will resonate with
consumers in Western Canada."
The FreshCo stores in Western
Canada will showcase evolved branding, product offering and
customer marketing to reflect the Company's learnings in
Ontario. A number of locations
will provide an enhanced ethnic offering that has been successfully
introduced in the Ontario
market.
"This expansion is one piece of a comprehensive strategy to
execute the transformation of our company through Project Sunrise,
greatly improve our conventional offering, bolster our brand and
grow our industry-leading market share in ecommerce," continued Mr.
Medline.
In the fourth quarter of fiscal 2017, the Company launched
Project Sunrise, a comprehensive three year transformation intended
to simplify the organizational structure and reduce costs.
The transformation is expected to result in approximately
$500 million in annualized cost
savings by fiscal 2020.
In June 2017, the Company
estimated it would incur approximately $200
million in one-time cash costs associated with severance,
relocation, consulting and minor system developments. As the
initiative has progressed, management has finalized its estimate of
one-time costs and determined that one-time costs for the
initiative will not exceed $240
million. Please see the "Overview of the Business"
section of the Company's Management's Discussion and Analysis
("MD&A") for further information.
Dividend Declaration
The Board of Directors declared a quarterly dividend of
$0.1050 per share on both the
Non-Voting Class A shares and the Class B common shares that will
be payable on January 31, 2018 to
shareholders of record on January 15,
2018. These dividends are eligible dividends as defined for
the purposes of the Income Tax Act (Canada) and applicable provincial
legislation.
OPERATING RESULTS
|
|
|
|
|
|
|
13 Weeks
Ended
|
|
26 Weeks
Ended
|
($ in millions,
except per share
amounts)
|
|
Nov. 4, 2017
|
|
Nov. 5,
2016
|
|
$
Change
|
|
Nov.
4,
2017
|
|
Nov. 5,
2016
|
|
$
Change
|
Sales
|
$
|
6,026.1
|
$
|
5,930.9
|
$
|
95.2
|
$
|
12,299.3
|
$
|
12,117.5
|
$
|
181.8
|
Gross
profit(1)
|
|
1,473.5
|
|
1,400.7
|
|
72.8
|
|
3,004.5
|
|
2,891.5
|
|
113.0
|
EBITDA(1)
|
|
113.0
|
|
187.8
|
|
(74.8)
|
|
351.8
|
|
426.1
|
|
(74.3)
|
Adjusted
EBITDA(1)
|
|
242.2
|
|
181.2
|
|
61.0
|
|
521.0
|
|
424.3
|
|
96.7
|
Operating
income
|
|
2.6
|
|
76.4
|
|
(73.8)
|
|
127.8
|
|
203.0
|
|
(75.2)
|
Adjusted operating
income(1)
|
|
138.3
|
|
76.2
|
|
62.1
|
|
310.0
|
|
214.1
|
|
95.9
|
Finance costs,
net
|
|
29.8
|
|
30.3
|
|
(0.5)
|
|
58.5
|
|
61.5
|
|
(3.0)
|
Income tax (recovery)
expense
|
|
(8.5)
|
|
11.9
|
|
(20.4)
|
|
21.6
|
|
29.7
|
|
(8.1)
|
Non-controlling
interest
|
|
4.9
|
|
1.1
|
|
3.8
|
|
17.3
|
|
13.3
|
|
4.0
|
Net (loss)
earnings(2)
|
|
(23.6)
|
|
33.1
|
|
(56.7)
|
|
30.4
|
|
98.5
|
|
(68.1)
|
Adjusted net
earnings(1)(2)
|
|
73.9
|
|
32.9
|
|
41.0
|
|
161.4
|
|
106.5
|
|
54.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
EPS(2)(3)(4)
|
$
|
(0.09)
|
$
|
0.12
|
$
|
(0.21)
|
$
|
0.11
|
$
|
0.36
|
$
|
(0.25)
|
Adjusted
EPS(1)(2)(3)
|
$
|
0.27
|
$
|
0.12
|
$
|
0.15
|
$
|
0.59
|
$
|
0.39
|
$
|
0.20
|
Diluted weighted
average number of shares outstanding (in millions)
|
|
271.8
|
|
272.2
|
|
|
271.9
|
|
272.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13 Weeks
Ended
|
|
|
|
26 Weeks
Ended
|
|
|
Nov. 4,
2017
|
|
Nov. 5,
2016
|
|
Nov. 4,
2017
|
|
Nov. 5,
2016
|
Same-store
sales(1) growth (decline)
|
|
|
0.6%
|
|
|
(2.8)%
|
|
|
0.6%
|
|
(2.3)%
|
Same-store sales
growth (decline), excluding fuel
|
|
|
0.4%
|
|
|
(2.6)%
|
|
|
0.5%
|
|
(1.9)%
|
Effective income tax
rate
|
|
|
31.3%
|
|
|
25.8%
|
|
|
31.2%
|
|
21.0%
|
|
|
(1)
|
See "Non-GAAP
Financial Measures & Financial Metrics" section.
|
(2)
|
Net of
non-controlling interest.
|
(3)
|
Earnings per share
("EPS").
|
(4)
|
For the 13 weeks
ended November 4, 2017, the weighted average number of shares used
for the purpose of basic and diluted loss per share is equal, as
the impact of all potential common shares would be
anti-dilutive.
|
Sales
Sales increased by 1.6% for the 13 weeks ended November 4, 2017 as same-store sales were higher
in most areas of the country, driven by increases in traffic,
basket size and more disciplined pricing strategies, compared to
significant deflationary pricing strategies in the prior
year. Food inflation was positive, contributing to the
increase in sales.
Gross Profit
The increase in gross profit during the 13 weeks ended
November 4, 2017 was a result of
improved store execution and promotional strategies, and a
continued focus on stabilizing and improving margin rates, which
increased from 23.6% to 24.5% in the second quarter.
EBITDA
EBITDA decreased in the 13 weeks ended November 4, 2017 mainly as a result of an
increase in selling and administrative expenses, principally
one-time costs of $129.2 million
related to Project Sunrise, and increases in incentive compensation
accruals due to improving performance. These increases were
partially offset by benefits related to Project Sunrise and other
cost efficiencies. EBITDA was positively impacted by the
aforementioned improvement in sales and margins. Excluding
the impact of one-time Project Sunrise costs, adjusted EBITDA
increased by 33.7% to $242.2 million
in the second quarter.
|
|
|
|
13 Weeks
Ended
|
26 Weeks
Ended
|
($ in
millions)
|
Nov. 4,
2017
|
Nov. 5,
2016
|
Nov. 4,
2017
|
Nov. 5,
2016
|
EBITDA
|
$
|
113.0
|
$
|
187.8
|
$
|
351.8
|
$
|
426.1
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
Costs related to
Project Sunrise
|
|
129.2
|
|
-
|
|
169.2
|
|
-
|
|
Gain on disposal of
manufacturing facilities
|
|
-
|
|
(7.5)
|
|
-
|
|
(7.5)
|
|
Historical
organizational realignment costs
|
|
-
|
|
0.9
|
|
-
|
|
3.6
|
|
Distribution centre
restructuring
|
|
-
|
|
-
|
|
-
|
|
2.1
|
|
|
129.2
|
|
(6.6)
|
|
169.2
|
|
(1.8)
|
Adjusted
EBITDA
|
$
|
242.2
|
$
|
181.2
|
$
|
521.0
|
$
|
424.3
|
Income Taxes
The effective income tax rate for the second quarter was 31.3%
compared to 25.8% in the same quarter last year. The increase in
the effective rate is primarily due to significant expenses related
to Project Sunrise that impacted the mix of earnings between legal
entities and tax jurisdictions, resulting in a higher average
effective tax rate.
Net Loss
For the 13 weeks ended November 4,
2017, net (loss) earnings, net of non-controlling interest,
was primarily impacted by the reasons noted in the sales and EBITDA
sections.
|
|
|
|
13 Weeks
Ended
|
26 Weeks
Ended
|
($ in millions,
except per share amounts)
|
Nov. 4,
2017
|
Nov. 5,
2016
|
Nov. 4,
2017
|
Nov. 5,
2016
|
Net (loss)
earnings(1)
|
$
|
(23.6)
|
$
|
33.1
|
$
|
30.4
|
$
|
98.5
|
EPS(1)(2)
(fully diluted)
|
$
|
(0.09)
|
$
|
0.12
|
$
|
0.11
|
$
|
0.36
|
Adjustments (net of
income taxes):
|
|
|
|
|
|
|
|
|
|
Costs related to
Project Sunrise
|
|
92.8
|
|
-
|
|
121.5
|
|
-
|
|
Intangible
amortization associated with the Canada Safeway acquisition
|
|
4.7
|
|
4.7
|
|
9.5
|
|
9.4
|
|
Gain on disposal of
manufacturing facilities
|
|
-
|
|
(5.5)
|
|
-
|
|
(5.5)
|
|
Historical
organizational realignment costs
|
|
-
|
|
0.6
|
|
-
|
|
2.6
|
|
Distribution centre
restructuring
|
|
-
|
|
-
|
|
-
|
|
1.5
|
|
|
|
97.5
|
|
(0.2)
|
|
131.0
|
|
8.0
|
Adjusted net
earnings(1)
|
$
|
73.9
|
$
|
32.9
|
$
|
161.4
|
$
|
106.5
|
Adjusted EPS (fully
diluted)
|
$
|
0.27
|
$
|
0.12
|
$
|
0.59
|
$
|
0.39
|
Diluted weighted
average number of shares outstanding (in millions)
|
|
271.8
|
|
272.2
|
|
271.9
|
|
272.2
|
|
|
(1)
|
Net of
non-controlling interest.
|
(2)
|
For the 13 weeks
ended November 4, 2017, the weighted average number of shares used
for the purpose of basic and diluted loss per share is equal, as
the impact of all potential common shares would be
anti-dilutive.
|
FINANCIAL PERFORMANCE BY SEGMENT
The Company operates and reports on two business segments:
- Food retailing, which consists of wholly-owned
subsidiary Sobeys Inc. ("Sobeys"), and
- Investments and other operations, which as of
November 4, 2017 included investments
in Crombie Real Estate Investment Trust ("Crombie REIT") (41.5
percent equity accounted interest; 40.3 percent fully diluted) and
interests in Genstar.
Food Retailing
|
|
|
|
|
|
|
|
13 Weeks
Ended
|
|
$
|
26 Weeks
Ended
|
|
$
|
($ in
millions)
|
Nov. 4,
2017
|
|
Nov. 5,
2016
|
|
Change
|
Nov. 4,
2017
|
|
Nov. 5,
2016
|
|
Change
|
Sales
|
$
|
6,026.1
|
$
|
5,930.9
|
$
|
95.2
|
$
|
12,299.3
|
$
|
12,117.5
|
$
|
181.8
|
Gross
profit
|
|
1,473.5
|
|
1,400.7
|
|
72.8
|
|
3,004.5
|
|
2,891.5
|
|
113.0
|
EBITDA
|
|
98.5
|
|
164.5
|
|
(66.0)
|
|
323.4
|
|
387.9
|
|
(64.5)
|
Adjusted
EBITDA
|
|
227.7
|
|
157.9
|
|
69.8
|
|
492.6
|
|
386.1
|
|
106.5
|
Operating (loss)
income
|
|
(11.7)
|
|
53.3
|
|
(65.0)
|
|
99.6
|
|
165.1
|
|
(65.5)
|
Adjusted operating
income
|
|
124.0
|
|
53.1
|
|
70.9
|
|
281.8
|
|
176.2
|
|
105.6
|
Net (loss)
earnings(1)
|
|
(31.9)
|
|
19.1
|
|
(51.0)
|
|
17.8
|
|
75.7
|
|
(57.9)
|
Adjusted net
earnings(1)
|
|
65.6
|
|
18.9
|
|
46.7
|
|
148.8
|
|
83.7
|
|
65.1
|
|
|
(1)
|
Net of
non-controlling interest.
|
Investments and Other Operations
|
|
|
|
|
|
|
|
13 Weeks
Ended
|
|
|
26 Weeks
Ended
|
|
|
|
|
Nov.
4,
|
|
Nov. 5,
|
|
$
|
|
Nov.
4,
|
|
Nov. 5,
|
|
$
|
($ in
millions)
|
|
2017
|
|
2016
|
|
Change
|
|
2017
|
|
2016
|
|
Change
|
Operating income
(loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crombie
REIT
|
$
|
8.9
|
$
|
9.8
|
$
|
(0.9)
|
$
|
17.3
|
$
|
21.0
|
$
|
(3.7)
|
|
Real estate
partnerships
|
|
6.5
|
|
13.6
|
|
(7.1)
|
|
10.6
|
|
19.3
|
|
(8.7)
|
|
Other operations, net
of corporate expenses
|
|
(1.1)
|
|
(0.3)
|
|
(0.8)
|
|
0.3
|
|
(2.4)
|
|
2.7
|
|
$
|
14.3
|
$
|
23.1
|
$
|
(8.8)
|
$
|
28.2
|
$
|
37.9
|
$
|
(9.7)
|
For the 13 weeks ended November 4,
2017, operating income for Investments and Other Operations
decreased primarily due to a sale of development land by Genstar in
the prior year.
CONSOLIDATED FINANCIAL CONDITION
|
|
|
|
|
|
|
|
|
($ in millions,
except per share and ratio calculations)
|
November 4,
2017
|
|
|
May 6,
2017
|
|
|
November 5,
2016(1)
|
|
Shareholders' equity,
net of non-controlling interest
|
$
|
3,640.8
|
|
|
$
|
3,644.2
|
|
|
$
|
3,646.0
|
|
Book value per common
share(2)
|
$
|
13.40
|
|
|
$
|
13.41
|
|
|
$
|
13.42
|
|
Long-term debt,
including current portion
|
$
|
1,804.1
|
|
|
$
|
1,870.8
|
|
|
$
|
1,961.2
|
|
Funded debt to total
capital(2)
|
|
33.1
|
%
|
|
|
33.9
|
%
|
|
|
35.0
|
%
|
Net funded debt to
net total capital(2)
|
|
29.7
|
%
|
|
|
31.3
|
%
|
|
|
32.4
|
%
|
Funded debt to
adjusted EBITDA(2)(3)
|
|
2.0
|
x
|
|
|
2.3
|
x
|
|
|
2.0
|
x
|
Adjusted EBITDA to
interest expense(2)(4)
|
|
8.7
|
x
|
|
|
7.7
|
x
|
|
|
8.8
|
x
|
Trailing four-quarter
adjusted EBITDA
|
$
|
893.6
|
|
|
$
|
796.9
|
|
|
$
|
956.8
|
|
Trailing four-quarter
interest expense
|
$
|
103.1
|
|
|
$
|
103.1
|
|
|
$
|
109.3
|
|
Current assets to
current liabilities
|
|
0.8
|
x
|
|
|
0.9
|
x
|
|
|
0.9
|
x
|
Total
assets
|
$
|
8,635.0
|
|
|
$
|
8,695.5
|
|
|
$
|
8,853.4
|
|
Total non-current
financial liabilities
|
$
|
1,958.9
|
|
|
$
|
2,502.1
|
|
|
$
|
2,675.5
|
|
|
|
(1)
|
Amounts have been
reclassified to correspond to the current period presentation on
the condensed consolidated balance sheets.
|
(2)
|
See "Non-GAAP
Financial Measures & Financial Metrics" section.
|
(3)
|
Calculation uses
trailing four-quarter adjusted EBITDA.
|
(4)
|
Calculation uses
trailing four-quarter adjusted EBITDA and interest
expense.
|
Free Cash Flow
Management uses free cash flow(1) as a measure to
assess the amount of cash available for debt repayment, dividend
payments and other investing and financing activities.
|
|
|
|
13 Weeks
Ended
|
26 Weeks
Ended
|
($ in
millions)
|
Nov. 4,
2017
|
Nov. 5,
2016
|
Nov. 4,
2017
|
Nov. 5,
2016
|
Cash flows from
operating activities
|
$
|
106.0
|
$
|
142.9
|
$
|
281.5
|
$
|
382.2
|
Add: proceeds on
disposal of property, equipment and investment property
|
|
63.7
|
|
35.0
|
|
69.4
|
|
377.6
|
Less: property,
equipment and investment property purchases
|
|
(52.3)
|
|
(159.0)
|
|
(113.8)
|
|
(285.3)
|
Free cash
flow
|
$
|
117.4
|
$
|
18.9
|
$
|
237.1
|
$
|
474.5
|
The increase in free cash flow for the 13 weeks ended
November 4, 2017 compared to the 13
weeks ended November 5, 2016 was
primarily due to a decrease in capital purchases compared to
previous periods and higher proceeds on disposals of assets.
(1)
|
See "Non-GAAP
Financial Measures & Financial Metrics" section.
|
OTHER SIGNIFICANT ITEM
Minimum Wage Increases
The Company will incur increased labour costs starting at the
end of the third quarter of fiscal 2018 as a result of minimum wage
increases in Ontario and
Alberta and other effects
associated with the Fair Workplaces, Better Jobs Act, 2017 ("Bill
148") that was recently passed into law in Ontario. As noted last quarter, the Company
estimates the unmitigated financial impact of the minimum wage
increases in Ontario and
Alberta could be up to
$25 million in fiscal 2018 and
$70 million in fiscal 2019. These
estimates represent only the wage increase for people in the
business earning less than the anticipated new wage rates, and do
not assume any changes in the compensation of other wage bands.
Other incremental impacts of Bill 148, including wage parity, could
increase the potential impact by up to $20
million in fiscal 2019.
The Company has developed plans to mitigate the immediate impact
of the minimum wage and Bill 148 increases and expects these plans
will offset the effect of increases in fiscal 2018. The Company
continues to develop further plans to mitigate the full year
impacts for fiscal 2019, but there is some risk that the Company
may not be able to fully offset the effects on earnings considering
the short transition period of the cost increases.
FORWARD-LOOKING INFORMATION
This document contains forward-looking statements which are
presented for the purpose of assisting the reader to contextualize
the Company's financial position and understand management's
expectations regarding the Company's strategic priorities,
objectives and plans. These forward-looking statements may
not be appropriate for other purposes. Forward-looking
statements are identified by words or phrases such as
"anticipates", "expects", "believes", "estimates", "intends",
"could", "may", "plans", "predicts", "projects", "will", "would",
"foresees" and other similar expressions or the negative of these
terms.
These forward-looking statements include, but are not limited
to, the following items:
- The Company's expectations regarding the impact of Project
Sunrise, including expected cost savings and efficiencies resulting
from this transformation initiative, and the expected timing and
amount of one-time costs, which could be impacted by several
factors, including the time required by the Company to complete the
project as well as the factors identified under the heading "Risk
Management" in the fiscal 2017 annual MD&A; and
- The Company's expectations regarding the impact of minimum wage
increases in Ontario and
Alberta, and the Company's ability
to mitigate the financial impact of these increases which may be
impacted by factors described under the heading "Minimum Wage
Increases".
By its nature, forward-looking information requires the Company
to make assumptions and is subject to inherent risks, uncertainties
and other factors which may cause actual results to differ
materially from forward-looking statements made. For more
information on risks, uncertainties and assumptions that may impact
the Company's forward-looking statements, please refer to the
Company's materials filed with the Canadian securities regulatory
authorities, including the "Risk Management" section of the
Company's Annual Information Form and Annual MD&A.
Although the Company believes the predictions, forecasts,
expectations or conclusions reflected in the forward-looking
information are reasonable, it can provide no assurance that such
matters will prove correct. Readers are urged to consider the
risks, uncertainties and assumptions carefully in evaluating
forward-looking information and are cautioned not to place undue
reliance on such forward-looking information. The forward-looking
information in this document reflects the Company's current
expectations and is subject to change. The Company does not
undertake to update any forward-looking statements that may be made
by or on behalf of the Company other than as required by applicable
securities laws.
NON-GAAP FINANCIAL MEASURES & FINANCIAL METRICS
There are measures and metrics included in this news release
that do not have a standardized meaning under generally accepted
accounting principles ("GAAP") and therefore may not be comparable
to similarly titled measures and metrics presented by other
publicly traded companies. The Company includes these
measures and metrics because it believes certain investors use
these measures and metrics as a means of assessing financial
performance.
Empire's definitions of the non-GAAP measures and metrics
included in this news release are as follows:
- Same-store sales are sales from stores in the same location in
both reporting periods.
- Adjusted net earnings are net (loss) earnings, net of
non-controlling interest, excluding certain items to better analyze
trends in performance and financial results. These adjustments
result in a truer economic representation of the underlying
business on a comparative basis. The Company no longer adjusts for
items that are insignificant to current period results or the
comparative period.
- Gross profit is calculated as sales less cost of sales.
- Gross margin is gross profit divided by sales.
- Earnings before interest, taxes, depreciation and amortization
("EBITDA") is calculated as net (loss) earnings before finance
costs (net of finance income), income tax (recovery) expense, and
depreciation and amortization of intangibles.
- Adjusted EBITDA is EBITDA excluding certain items to better
analyze trends in performance. These adjustments result in a truer
economic representation on a comparative basis. The Company no
longer adjusts for items that are insignificant to current period
results or the comparative period.
- Adjusted operating income is operating income excluding certain
items to better analyze trends in performance. These adjustments
result in a truer economic representation on a comparative basis.
The Company no longer adjusts for items that are insignificant to
current period results or the comparative period.
- Book value per common share is shareholders' equity, net of
non-controlling interest, divided by total common shares
outstanding.
- Funded debt is all interest bearing debt, which includes bank
loans, bankers' acceptances and long-term debt.
- Total capital is calculated as funded debt plus shareholders'
equity, net of non-controlling interest.
- Funded debt to total capital ratio is funded debt divided by
total capital.
- Net funded debt is calculated as funded debt less cash and cash
equivalents.
- Net total capital is total capital less cash and cash
equivalents.
- Net funded debt to net total capital ratio is net funded debt
divided by net total capital.
- Funded debt to adjusted EBITDA ratio is funded debt divided by
trailing four-quarter adjusted EBITDA.
- Interest expense is calculated as interest expense on financial
liabilities measured at amortized cost plus losses on cash flow
hedges reclassified from other comprehensive income or loss.
- Adjusted EBITDA to interest expense ratio is trailing
four-quarter adjusted EBITDA divided by trailing four-quarter
interest expense.
- Free cash flow is calculated as cash flows from operating
activities, plus proceeds on disposal of property, equipment and
investment property, less property, equipment and investment
property purchases.
For a more complete description of Empire's non-GAAP measures
and metrics, please see Empire's MD&A for the second quarter
ended November 4, 2017.
CONFERENCE CALL INFORMATION
The Company will hold an analyst call on Wednesday, December 13, 2017 beginning at
8:30 a.m. (Eastern Standard Time)
during which senior management will discuss the Company's financial
results for the second quarter of fiscal 2018. To join this
conference call, dial (888) 231-8191 outside the Toronto area or (647) 427-7450 from within the
Toronto area. To secure a
line, please call 10 minutes prior to the conference call; you will
be placed on hold until the conference call begins. The media
and investing public may access this conference call via a listen
mode only. You may also listen to a live audiocast of the
conference call by visiting the Company's website located at
www.empireco.ca.
Replay will be available by dialing (855) 859-2056 and entering
passcode 8889408 until midnight December 20,
2017, or on the Company's website for 90 days following the
conference call.
ABOUT EMPIRE
Empire Company Limited (TSX: EMP.A) is a Canadian company
headquartered in Stellarton, Nova
Scotia. Empire's key businesses are food retailing and
related real estate. With approximately $24.0 billion in annualized sales and
$8.6 billion in assets, Empire and
its subsidiaries, franchisees and affiliates employ approximately
125,000 people.
Additional financial information relating to Empire, including
the Company's Annual Information Form, can be found on the
Company's website at www.empireco.ca or on SEDAR at
www.sedar.com.
SOURCE Empire Company Limited