While sales are still up significantly compared to before the pandemic, Empire reported that its fourth-quarter sales decreased by 1.3 per cent, to $6.9-billion.
Net earnings declined from $177.8 to $171.9 million.
“Consumer behaviour has begun to stabilize,” Empire said.
Empire owns Sobeys, Safeway, IGA, FreshCo and others.
While overall sales declined only slightly, same-store sales dropped by 6.1 per cent over the 13 weeks ended May 1. Same-store sales is an important industry measure that eliminates changes from adding or closing stores.
The company increased its quarterly dividend paid to shareholders by 15.3 per cent, to 15 cents per share.
