Empire Company Limited (EMLAF,EMP.A.TO), a Canadian firm engaged in food and fuel sales, on Thursday reported improved first-quarter earnings aided by stronger food sales.
Further, the firm declared higher dividend, and said it intends to repurchase up to C$400 million of Class A shares in fiscal 2026.
Net earnings of the firm improved to C$212 million from C$208 million a year ago. Earnings per share grew to C$0.91 from C$0.86 last year.
The prior year's adjusted net earnings were C$219 million or C$0.90 per share.
Adjusted EBITDA improved to C$671 million from C$659 million a year ago.
Sales climbed to C$8.26 billion from C$8.14 billion in the prior year.
The food sales improved to C$7.80 billion from C$7.60 billion in the prior year. Same-store sales - food increased by 1.9%.
However, fuel sales declined to C$467 million from C$541 million last year primarily driven by lower fuel prices.
In addition, the board declared a quarterly dividend of C$0.22 per share for both Class A and Class B common shares, higher than the C$0.20 per share dividend declared a year ago. The dividends will be payable on October 31 to shareholders of record on October 15.
For fiscal 2026, capital spend is expected to be approximately C$850 million.
In the OTC market, the shares were trading 4.66% lower at $36.24.
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