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Q4 F2014 Press Release

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Q4 F2014 Press Release FOR IMMEDIATE RELEASE June 26, 2014 Empire Company Reports Fiscal 2014 Fourth Quarter and Full Year Results Empire Company Limited (“Empire” or the “Company”) (TSX: EMP.A) today announced financial results for its fourth quarter and full year ended May 3, 2014. In the fourth quarter, the Company recorded adjusted net earnings from continuing operations, net of non-controlling interest, of $131.3 million ($1.42 per diluted share) compared to $95.7 million ($1.40 per diluted share) in the fourth quarter last year. Fourth Quarter Highlights • Sales of $5.94 billion, up $1.68 billion or 39.5 percent (up 2.2 percent excluding the impact of the Canada Safeway acquisition). Sobeys’ same-store sales increased 0.2 percent. • Adjusted EBITDA (1) of $318.7 million compared to $230.1 million last year, up $88.6 million or 38.5 percent. • Adjusted net earnings from continuing operations (1) , net of non-controlling interest, of $131.3 million ($1.42 per diluted share) compared to $95.7 million ($1.40 per diluted share) last year. • Free cash flow (1) generation of $626.1 million compared to $187.5 million last year. • Funded debt to total capital (1) ratio of 38.0 percent versus 40.6 percent last quarter. • Declared dividend of $0.27 per share, up 3.8 percent, the 19 th consecutive year of increase. • Sobeys initiates retail store network rationalization – records restructuring costs of $169.8 million. • Net earnings from continuing operations, net of non-controlling interest, of $1.5 million ($0.02 per diluted share) compared to $102.5 million ($1.51 per diluted share) last year. (1) See “Non-GAAP Financial Measures” section of this news release. Adjusted net earnings from continuing operations, net of non-controlling interest, for the 52 weeks ended May 3, 2014 were $383.1 million ($4.78 per diluted share) compared to $356.8 million ($5.24 per diluted share) recorded last year. For the year ended May 3, 2014, Empire had a weighted average number of shares outstanding (fully diluted) of 80.2 million compared to 68.1 million in fiscal 2013. 115 King Street • Stellarton, NS • B0K 1S0 1 Fiscal 2014 Highlights • Sales of $21.0 billion, up $3.59 billion or 20.6 percent (up 2.2 percent excluding the impact of the Canada Safeway acquisition). • Adjusted EBITDA (1) of $1,043.3 million compared to $898.3 million last year, up $145.0 million or 16.1 percent. • Adjusted net earnings from continuing operations (1) , net of non-controlling interest, of $383.1 million ($4.78 per diluted share) compared to $356.8 million ($5.24 per diluted share) last year. • Net earnings from continuing operations, net of non-controlling interest, of $151.0 million ($1.88 per diluted share) compared to $372.3 million ($5.47 per diluted share) last year. • Free cash flow (1) generation of $869.1 million compared to $430.2 million last year. • Funded debt (1) has declined $668.0 million since the acquisition of Canada Safeway to the end of the fiscal year and by a further $405.0 million since the end of fiscal 2014. (1) See “Non-GAAP Financial Measures” section of this news release. Marc Poulin, President and CEO of Empire Company Limited stated, “Fiscal 2014 was a remarkable year for the Company. We not only introduced Sobeys’ Better Food for All movement – the most exciting stage yet in the evolution of our full-service format – but also completed the acquisition of Canada Safeway. Our growth in consolidated sales in the fourth quarter of 39.5 percent and in adjusted EBITDA of 38.5 percent largely reflect the initial impact of this acquisition, and new and innovative commercial programs as part of the Company’s purpose to help Canadians Eat Better, Feel Better, Do Better in what remains a highly competitive marketplace. “Going forward, we will continue to work diligently to successfully integrate the Canada Safeway business and to promote our Better Food for All culture, while at the same time maintaining a relentless focus on securing operational efficiencies and cost reductions across the organization. The retail store network review completed in the fourth quarter and subsequent rationalization not only aligns with this but will strengthen the quality of our store network and is expected, along with other initiatives, to enhance overall performance and net earnings. Specific to the Canada Safeway acquisition, we remain confident in our ability to secure $200 million in annual run-rate cost synergies over a three-year period and are well on track to deliver $100 million of those synergies by the end of the first year.” 115 King Street • Stellarton, NS • B0K 1S0 2 Sobeys’ Retail Store Network Rationalization During the fourth quarter of fiscal 2014, Sobeys completed a detailed full review of its retail store network. This review aligns with management’s ongoing focus of enhancing the productivity and performance of the network and logically follows the acquisition of Canada Safeway which was completed in the third quarter of fiscal 2014. Based on this detailed review, Sobeys has determined that consistently underperforming retail stores, representing approximately 50 stores (1.5 million of total gross square footage) and 3.8 percent of the total retail network gross square footage, will close. Approximately sixty percent of the affected stores are located in Western Canada. This rationalization will strengthen the quality of Sobeys’ store network and is expected to improve net earnings as a result of cost savings; however, it will result in a reduction in future sales of approximately $400 million or 1.9 percent of total sales. The rationalization and restructuring costs associated with these store closures amount to $169.8 million and are included in selling and administrative expenses for the fourth quarter ended May 3, 2014. This expense consists of $137.1 million for severance, site closing and other costs, $35.8 million associated with the write-down of property, equipment and intangible assets, and a $3.1 million reversal of straight-line lease provisions. Dividend Declaration Mr. Poulin stated, “Consistent with our growth and the improvement in our financial position, we are pleased to announce an increase in Empire’s quarterly dividend per share, from $0.26 per share to $0.27 per share, a 3.8 percent increase. This marks the 19 th consecutive year of Empire dividend increases.” The Board of Directors declared a quarterly dividend of $0.27 per share on both the Non-Voting Class A shares and the Class B common shares that will be payable on July 31, 2014 to shareholders of record on July 15, 2014. These dividends are eligible dividends as defined for the purposes of the Income Tax Act (Canada) and applicable provincial legislation and, therefore, qualify for the favourable tax treatment applicable to such dividends. Discontinued Operations On November 1, 2013, the Company announced that Empire Theatres completed the sale of 46 theatres with 397 screens in separate transactions with Cineplex Inc. and Landmark Cinemas as previously announced on June 27, 2013. As a result of the sale, financial results related to Empire Theatres, as previously reported in the investments and other operations segment, have been included in discontinued operations in the audited annual consolidated statements of earnings for the 52 weeks ended May 3, 2014 and May 4, 2013. 115 King Street • Stellarton, NS • B0K 1S0 3 CONSOLIDATED FINANCIAL RESULTS ($ in millions, except per 13 Weeks Ended ($) 52 Weeks Ended ($) share amounts) May 3, 2014 May 4, 2013 (1) Change May 3, 2014 May 4, 2013 (1) Change Sales $ 5,937.5 $ 4,257.4 $ 1,680.1 $ 20,993.0 $ 17,400.8 $ 3,592.2 Adjusted EBITDA (2) 318.7 230.1 88.6 1,043.3 898.3 145.0 EBITDA (2) 147.4 238.6 (91.2) 755.3 918.1 (162.8) Adjusted operating income (2) 199.0 141.8 57.2 630.2 553.4 76.8 Operating income (2) 22.9 150.3 (127.4) 328.5 573.2 (244.7) Adjusted net earnings from continuing operations (2)(3) 131.3 95.7 35.6 383.1 356.8 26.3 Net earnings from continuing operations (3) 1.5 102.5 (101.0) 151.0 372.3 (221.3) Net (loss) earnings from discontinued operations (0.7) 3.4 (4.1) 84.4 7.2 77.2 Net earnings (3) 0.8 105.9 (105.1) 235.4 379.5 (144.1) Adjusted EPS from continuing operations (fully diluted) (2)(3) $ 1.42 $ 1.40 $ 0.02 $ 4.78 $ 5.24 $ (0.46) EPS from continuing (3) $ 0.02 $ 1.88 operations (fully diluted) $ 1.51 $ (1.49) $ 5.47 $ (3.59) (1) Amounts have been restated as a result of a change in accounting policy and reclassification of discontinued operations. See Notes 3 and 11 of the Company’s fourth quarter unaudited condensed consolidated financial statements. (2) See “Non-GAAP Financial Measures” section of this news release. (3) Net of non-controlling interest. Sales Consolidated sales for the 13 weeks ended May 3, 2014 were $5.94 billion compared to $4.26 billion in the fourth quarter last year, an increase of $1.68 billion or 39.5 percent. During this period, sales from the food retailing segment increased $1.68 billion or 39.5 percent. Excluding sales of $1.59 billion related to the acquisition of Canada Safeway, sales contribution from the food retailing segment to Empire increased by $94.4 million or 2.2 percent. Sobeys’ same-store sales increased 0.2 percent from the prior year.
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