Empire Company Limited announced unaudited consolidated earnings results for the fourth quarter and year ended May 5, 2018. For the quarter, the company reported sales of CAD 5,886.1 million as compared to CAD 5,798.9 million for the same period last year. Operating income was CAD 110.6 million as compared to CAD 61.4 million for the same period last year. Earnings before income taxes was CAD 85.2 million as compared to CAD 33.7 million for the same period last year. Net earnings was CAD 73.5 million as compared to CAD 32.3 million for the same period last year. Earnings for the period attributable to Owners of the Company was CAD 71.0 million as compared to CAD 29.5 million for the same period last year. Basic and diluted earnings per share was CAD 0.26 as compared to CAD 0.11 for the same period last year. Cash flows from operating activities was CAD 313.5 million as compared to CAD 225.8 million for the same period last year. Property, equipment and investment property purchases was CAD 76.1 million as compared to CAD 91.8 million for the same period last year. Additions to intangibles was CAD 7.9 million as compared to CAD 20.1 million for the same period last year. Adjusted net earnings was CAD 93.0 million as compared to CAD 50.2 million for the same period last year. Adjusted EPS was CAD 0.35 as compared to CAD 0.18 for the same period last year, up 94%. Effective tax rate for the quarter would have been 23.5% and earnings per share would have been CAD 0.03 lower.

For the year, the company reported sales of CAD 24,214.6 million as compared to CAD 23,806.2 million for the same period last year. Operating income was CAD 346.5 million as compared to CAD 333.0 million for the same period last year. Earnings before income taxes was CAD 236.0 million as compared to CAD 215.0 million for the same period last year. Net earnings was CAD 179.8 million as compared to CAD 172.5 million for the same period last year. Earnings for the period attributable to Owners of the Company was CAD 159.5 million as compared to CAD 158.5 million for the same period last year. Basic and diluted earnings per share was CAD 0.59 as compared to CAD 0.58 for the same period last year. Cash flows from operating activities was CAD 879.7 million as compared to CAD 708.5 million for the same period last year. Property, equipment and investment property purchases was CAD 239.8 million as compared to CAD 460.7 million for the same period last year. Additions to intangibles was CAD 48.2 million as compared to CAD 53.8 million for the same period last year. Adjusted net earnings was CAD 344.3 million as compared to CAD 191.3 million for the same period last year. Adjusted EPS was CAD 1.27 as compared to CAD 0.70 for the same period last year.

For fiscal 2019, excluding the impact of any unusual transactions or differential tax rates on property sales, we're estimating that the effective tax rate for the next year will be between 27% and 29%.