Business
Empire Company Reports Fiscal 2015 First Quarter Results
STELLARTON, NS , Sept. 10, 2014 /CNW/ - Empire Company Limited ("Empire" or the "Company...
About this update from Empire Co Ltd Class A
[{"type":"text","content":"\n\n\nSTELLARTON, NS, Sept. 10, 2014 /CNW/ - Empire Company Limited (\"Empire\"\n or the \"Company\") (TSX: EMP.A) today announced financial results for\n its first quarter ended August 2, 2014.  In the first quarter, the\n Company recorded adjusted net earnings from continuing operations, net\n of non-controlling interest, of $131.7 million ($1.43 per diluted\n share) compared to $89.7 million ($1.32 per diluted share) in the first\n quarter last year.\n\n\nFirst Quarter Highlights \n\n\n\nSales of $6.22 billion, up $1.63 billion or 35.4 percent. Sobeys'\n same-store sales (1) increased 1.3 percent. \n\n\nEBITDA (1) of $342.7 million compared to $222.2 million last year, up $120.5\n million or 54.2 percent.  \n\n\nAdjusted EBITDA (1) of $344.7 million compared to $232.3 million last year, up $112.4\n million or 48.4 percent.  \n\n\nNet earnings from continuing operations, net of non-controlling\n interest, of $123.1 million compared to $82.6 million last year, a 49.0\n percent increase.\n\n\nAdjusted net earnings from continuing operations (1), net of non-controlling interest, of $131.7 million compared to $89.7\n million last year, a 46.8 percent increase. \n\n\nAdjusted EPS from continuing operations (fully diluted) (1) of $1.43 compared to $1.32 last year, an 8.3 percent increase.\n\n\nFree cash flow (1) generation of $391.3 million compared to $68.2 million last year.\n\n\nFunded debt to total capital (1) ratio of 35.5 percent versus 38.0 percent last quarter.\n\n\n\n_________________\n(1) See \"Non-GAAP Financial Measures\" section of this news release. \n\n\n\n\nMarc Poulin, President and CEO of Empire Company Limited stated, \"We are\n pleased with our first quarter results as Sobeys achieved improved\n same-store sales growth and significant growth in EBITDA in the face of\n a challenging market. Growth in consolidated sales in the first quarter\n of 35.4 percent and in adjusted net earnings of 46.8 percent largely\n reflects the impact of the acquisition of Canada Safeway combined with\n Sobeys' sales and merchandising initiatives, including new and\n innovative commercial programs as part of the Company's strategy to\n help Canadians Eat Better, Feel Better, and Do Better.\n\n\n\"Going forward we remain focused on completing the successful\n integration of the Canada Safeway business and on the ong...