Canadian grocery conglomerate Empire Company Limited announced a decrease in its first-quarter earnings for fiscal 2024. The retail giant, headquartered in Stellarton, Nova Scotia, reported a profit of $207.8 million, down from $261 million in the same period last year.
Despite the profit dip, Empire’s CEO Michael Medline expressed optimism about the company’s trajectory. “We are increasingly optimistic as market conditions are gradually improving, contributing to a more predictable operating environment,” Medline stated in a press release.
The earnings, which cover the 13-week period ended August 3, 2024, translate to 86 cents per diluted share. This represents a decrease from $1.03 per diluted share in the previous year’s quarter, which had been boosted by the sale of 56 gas stations in Western Canada.

On an adjusted basis, Empire’s earnings showed improvement, reaching 90 cents per share compared to 78 cents per diluted share in the same quarter last year. The company’s sales also saw a modest increase, totalling $8.14 billion, up from $8.08 billion a year earlier.
Same-store sales, a key metric in retail performance, rose by 0.5% overall. Excluding fuel, this figure increased by 1%, indicating resilience in Empire’s core grocery business.
Empire’s strategic initiatives appear to be gaining traction. The company has been investing heavily in store renovations, converting some traditional outlets to discount formats, and expanding its network. “Investing in the store network will remain a priority, demonstrated by a sustained emphasis on renovations and continued store expansion in discount,” the company emphasized.
Founded in 1963, Empire Company Limited has grown into a major player in Canadian retail through a series of strategic acquisitions and investments. The company owns, affiliates, or franchises more than 1,500 stores across Canada, operating under various banners including Sobeys, Safeway, IGA, Foodland, Farm Boy, FreshCo, Thrifty Foods, and Lawtons Drug.

Empire’s growth strategy has been marked by significant acquisitions over the decades. In 1976, the company acquired Lawton’s Drug Stores Limited, expanding its presence in the pharmacy sector. A pivotal moment came in 1980-1981 when Empire acquired a majority stake in Sobeys, solidifying its position in the grocery retail market.
The company’s expansion continued through the 1980s and 1990s with investments in various retail and real estate ventures. Notable acquisitions included the purchase of the Oshawa Group for $1.5 billion in 1998, which significantly expanded Empire’s grocery retail footprint.
Recent Strategic Moves
In more recent years, Empire has made several high-profile acquisitions to strengthen its market position:
- In 2013, Empire made a bold move by acquiring all of Safeway Canada’s stores for $5.8 billion, significantly expanding its presence in Western Canada.
- In 2018, the company announced its intent to buy Farm Boy stores in an $800 million deal, enhancing its offerings in the fresh and prepared foods category.
- Most recently, in March 2021, Empire announced plans to acquire a 51% stake in Longo’s and its Grocery Gateway e-commerce business for $357 million, further expanding its presence in the Ontario market and bolstering its e-commerce capabilities.








































