Empire Co. Ltd.

released its 2026 second quarter financial results on Thursday, recording net earnings of $159 million, an 8.09 per cent decline from $173 million last year. This resulted in earnings per share of $0.69, down from $0.73 per share.

The company reported sales of $7.995 billion in the quarter ended Nov. 1, an increase of 2.8 per cent from 2024.

This included $7.54 billion in food sales (up 3.4 per cent from the previous year), which it said was primarily driven by positive growth across the business, particularly in the full-service banners, national wholesale distribution network and in the discount banner.

It also included $455 million in fuel sales, down six per cent due to lower fuel prices after the removal of the government carbon tax.

Gross profit for the quarter was up by four per cent, largely attibuted to higher food sales and strong performance in full-service and discount banners.

The company’s operating income from its food retailing segment was down 4.1 per cent to $278 million due to higher expenses and an increase in depreciation and amortization, partially offset by higher sales and gross profit.

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The quarter’s earnings before interest, taxes, depreciation and amortization (EBITDA) was also down, decreasing to $583 million from $601 million in the prior year. Empire said this was mainly a result of an increase in expenses and a decrease in equity earnings from Crombie REIT, partly offset by an increase in gross profit.