Empire reports Q4 profit and revenue up from year ago, raises quarterly dividend

Shoppers at a west-end Toronto Sobeys grocery store, Sunday, June 26, 2023. THE CANADIAN PRESS/Graeme Roy

STELLARTON — Empire Co. Ltd. raised its quarterly dividend as it reported its fourth-quarter profit and sales rose compared with a year ago.

The parent company of Sobeys and Safeway said Thursday it will now pay a quarterly dividend of 24.25 cents per share, up from 22 cents per share.

The increased payment to shareholders came as Empire says it earned $212 million or 94 cents per share for the quarter ended May 2.

• Latest updates on company news here

The result compared with a profit of $173 million or 74 cents per share in the same quarter last year.

Empire said sales totalled $7.81 billion for its most recent quarter, up from $7.64 billion.

The increase came as same-store sales rose 1.7 per cent, while same-store food sales gained 1.5 per cent. Same-store fuel sales added 5.0 per cent.

“As we enter fiscal 2027, our focus remains on driving growth within our existing network, advancing key growth engines, and continuing to elevate our value proposition for customers in what remains a challenging economic environment,” Empire chief executive Pierre St-Laurent said in a statement.

In its outlook for its 2027 financial year, Empire said it expects its capital spending to total about $850 million, with about half allocated to renovations and new store expansion and 25 per cent allocated to IT and business development projects.

It said the remainder of the budget will be allocated largely to logistics and sustainability.

This report by The Canadian Press was first published June 18, 2026.