STELLARTON, NS, May 10, 2022
/CNW/ - Empire Company Limited ("Empire or the "Company") (TSX:
EMP.A) is pleased to announce that members of TUAC 501 have voted
to ratify a new three-year collective bargaining agreement, ending
the strike at the Donald Sobey Distribution Centre ("distribution
centre") in Terrebonne,
Quebec.
The Company is happy to welcome its teammates back to the
distribution centre and looks forward to resuming services from
this facility to its Quebec
network of stores.
The strike started on February 7,
2022. The incremental impact of the strike on earnings per
share is estimated to be $0.05 and
will affect earnings in the fourth quarter of fiscal 2022.
The incremental costs are largely transportation costs.
ABOUT EMPIRE
Empire Company Limited (TSX: EMP.A) is a Canadian company
headquartered in Stellarton, Nova
Scotia. Empire's key businesses are food retailing, through
wholly-owned Sobeys Inc., and related real estate. With
approximately $29.2 billion in annual
sales and $16.4 billion in assets,
Empire and its subsidiaries, franchisees and affiliates employ
approximately 134,000 people.
FORWARD-LOOKING INFORMATION
This document contains forward-looking statements which are
presented for the purpose of assisting the reader to understand
management's expectations regarding the Company's strategic
priorities, objectives and plans. These forward-looking statements
may not be appropriate for other purposes. Forward-looking
statements are identified by words or phrases such as "calls for"
"anticipates", "expects", "believes", "estimates", "intends",
"could", "may", "plans", "predicts", "projects", "will", "would",
"foresees" and other similar expressions or the negative of these
terms. These statements include those relating to the estimated
incremental strike costs.
Additional risks are described in detail from time to time in
documents filed by the Company with securities regulatory
authorities in Canada. By its nature, forward-looking
information requires the Company to make assumptions and is subject
to inherent risks, uncertainties and other factors which may cause
actual results to differ materially from forward-looking statements
made.
For more information on risks, uncertainties and assumptions
that may impact the Company's forward-looking statements, please
refer to the Company's materials filed with the Canadian securities
regulatory authorities, including the "Risk Management" section of
the fiscal 2021 annual Management's Discussion and Analysis.
SOURCE Empire Company Limited