Empire reports $125.7M net earnings as it rebounds from Sobeys cyberattack
By The Canadian Press on March 16, 2023.
STELLARTON, N.S. – Empire Company Ltd. says its net earnings hit $125.7 million in its latest quarter as its Sobeys supermarket chain rebounded from a November cyberattack. The grocery store operator says the results for its third quarter compared with $203.4 million in net earnings during the same period the year before. The company’s earnings for the period ended Feb. 4 amounted to 49 cents per share, down from 77 cents per share in the third quarter of the prior fiscal year. Its adjusted net earnings totalled $164.8 million, down from $203.4 million a year earlier. The grocery chain operator says the cyberattack that shut down its pharmacy services and hampered self-checkout machines, gift card use and the redemption of loyalty points resulted in a $15 million hit to its earnings. It adds that the incident temporarily reduced sales and hindered the effectiveness of its operations, especially when rolling out promotions and using management tools. This report by The Canadian Press was first published March 16, 2023. Companies in this story: (TSX:EMP.A) 9-8
