Empire reports $125.7M net earnings as it rebounds from Sobeys cyberattack
Empire Company Ltd. says its net earnings hit $125.7 million in its latest quarter as its Sobeys supermarket chain rebounded from a November cyberattack.
The grocery store operator says the results for its third quarter compared with $203.4 million in net earnings during the same period the year before. The company’s earnings for the period ended Feb. 4 amounted to 49 cents per share, down from 77 cents per share in the third quarter of the prior fiscal year.Its adjusted net earnings totalled $164.8 million, down from $203.4 million a year earlier.
The grocery chain operator says the cyberattack that shut down its pharmacy services and hampered self-checkout machines, gift card use and the redemption of loyalty points resulted in a $15 million hit to its earnings.It adds that the incident temporarily reduced sales and hindered the effectiveness of its operations, especially when rolling out promotions and using management tools.
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