By Ketki Saxena
Investing.com -- Empire Company (TSX:EMPa) Ltd. announced its profits for the 13-week period ending May 6 amounted to $182.9 million or 72 cents per share. This compares to last year's profit of $178.5 million or 68 cents per share.
The company reported total sales of $7.41 billion during its fourth quarter, slightly lower than the previous year's fourth-quarter sales of $7.84 billion, which included an additional week.
The grocery retailer conglomerate also announced it will now pay a quarterly dividend of 18.25 cents per share instead of the previous rate at 16.5 cents per share.
Same-store sales experienced growth by rising up to 1.6%, while same-store sales (excluding fuel) saw an even greater boost with a rise in growth up to 2.6%.
Gross margins also increased within this quarter – reaching up to 26 .4% from last year's figure at2 5 .6%. The primary reasons behind these improvements include store renovations, reduced supply chain costs and mixed effects resulting from decreased fuel sales on margins.
The company also announced it has completed a recent multi-year growth plan, incorporating various strategies such as store expansions under the Farm Boy banner, conversion of certain locations to its discount brand FreshCo, the introduction of the Scene Plus loyalty program, and enhancement of in-house food brands.
Michael Medline, President and CEO of Empire and Sobeys, expressed his satisfaction with the company's progress in a statement: "With our six-year turnaround now complete, we have the tools, team, assets and capabilities needed to thrill our customers, compete and win."