Empire Company Limited, the parent company of Sobeys, reported a rise in fourth-quarter profit and revenue compared to the same period last year, while also announcing an increase to its quarterly dividend.
Financial Highlights
The company's net earnings for the quarter ended May 3, 2026, totaled $185.2 million, up from $172.1 million in the prior year's fourth quarter. Revenue increased to $8.1 billion, compared to $7.9 billion a year earlier.
Adjusted net earnings, which exclude certain one-time items, came in at $190.5 million, or $0.78 per diluted share, up from $176.8 million, or $0.72 per diluted share, in the same quarter last year.
Dividend Increase
Empire's board of directors approved a 5% increase to the quarterly dividend, raising it to $0.21 per share from $0.20. The dividend is payable on July 31, 2026, to shareholders of record as of July 17, 2026.
CEO Michael Medline attributed the results to strong operational execution and customer loyalty initiatives. He noted that the company's transformation efforts continue to drive efficiencies and enhance the customer experience.
Market Reaction
Shares of Empire rose 2.3% in early trading on the Toronto Stock Exchange following the announcement. Analysts have generally viewed the results positively, citing consistent performance in a competitive grocery market.
Empire operates nearly 1,500 retail stores across Canada under banners including Sobeys, Safeway, and FreshCo. The company has been investing in e-commerce and private label brands to capture market share.
