Empire Company Limited

EMP.A

CA2918434077

Food Retail & Distribution

Market Closed - Toronto S.E. Other stock markets 04:00:00 2024-05-10 pm EDT			5-day change	1st Jan Change
32.84 ^CAD	+0.37%		+1.36%	-6.31%

Apr. 23	RBC Raises Price Target on Top Pick Loblaw	MT
Apr. 18	Canada Targets 12 Foreign Grocers to Lure to Food-Retailing Market -- 2nd Update	DJ

Empire : Fiscal 2023 Sustainable Business Report

July 28, 2023 at 02:23 pm EDT

Empire Company Limited & Sobeys Inc.

2023 Sustainable Business Report

Leader Message
About This Report	+
About Us	+
Approach & Materiality	+
Governance	+
Cyber Security & Data Protection
OurPartTM
People	+
Planet	+
Products	+

Leader Message	3
About This Report	8
2.1	Forward-Looking Information	9
2.2	Non-GAAP Financial Measures & Financial Metrics	10
About Us	12
3.2	Financial Highlights	13
Approach & Materiality	14
4.1	Sustainability Approach	14
4.2	Engaging Our Stakeholders	15
4.3	Materiality Assessment	16
4.4	Evolving Progress on Climate Action	17
Governance	18
5.1	Key Governance Bodies	19
5.2	Code of Conduct & Policies	22
5.3	Executive Compensation	22
5.4	Enterprise Risk Management	22
5.5	Climate Risk	22
Cyber Security & Data Protection	23
6.1	Why It Matters	23

OurPartTM	25
7.1	OurPartTM	25
People	26
8.1	Diversity, Equity & Inclusion	27
8.2	Community Investment	31
8.3	Health, Safety & Wellness	35
8.4	Employee Development & Experience	38
Planet	41
9.1	Climate Action	42
9.2	Plastics & Packaging	49
9.3	Food Waste	53
9.4	Energy Management	58
9.5	Environmental Management	61
Products	64
10.1	Ethical & Sustainable Sourcing	65
10.2	Product Quality & Safety	68
10.3	Health & Nutrition	71
10.4	Supplier Partnerships	73
10.5	Customer Experience & Engagement	81

Leader Message
About This Report	+
About Us	+
Approach & Materiality	+
Governance	+
Cyber Security & Data Protection
OurPartTM
People	+
Planet	+
Products	+

Empire Company Limited and Sobeys Inc. 2023 Sustainable Business Report

At Empire, we take our growing and evolving sustainability commitments seriously. And we don't just talk about it. We act. This report is an update on all the ways we are taking action to serve and nurture people-our customers, teammates, suppliers and communities. It's about how we are working hard to do OurPart™to help protect the planet. And it's about our team's drive to serve and develop products that are good for everyone across the supply chains that impact our business

Download Fiscal 2023 ESG Performance	Download Fiscal 2023 SASB Indexes	Download Fiscal 2023 TCFD Report
Metrics Table

Leader Message

"As a leading Canadian grocery retailer, we take our growing and evolving sustainability commitments seriously. And we don't just talk about it. We act."

Read a messagefrom Michael Medline, President & CEO and Mohit Grover, Senior Vice

President Innovation & Sustainability

Leader Message
About This Report	+
About Us	+
Approach & Materiality	+
Governance	+
Cyber Security & Data Protection
OurPartTM
People	+
Planet	+
Products	+

People

We're focused on growing and empowering a diverse, equitable and inclusive workforce to enable our customers and communities to thrive.

Diversity, Equity & Inclusion
Community Investment
Health, Safety & Wellness
Employee Development & Experience

Planet

We're reducing our impacts and taking action on climate change to do OurPart™to protect our planet for future generations.

Climate Action
Plastics & Packaging
Food Waste
Energy Management
Environmental Management

Products

We're doing OurPart™by delivering sustainable and ethical product choices for our customers.

Ethical & Sustainable Sourcing
Product Quality & Safety
Health & Nutrition
Supplier Partnerships
Customer Experience & Engagement

Fiscal 2023 Sustainable Business Report Highlights

Leader Message
About This Report	+
About Us	+
Approach & Materiality	+
Governance	+
Cyber Security & Data Protection
OurPartTM
People	+

People

We're focused on growing and empowering a diverse, equitable and inclusive workforce to enable our customers and communities to thrive.

Diversity, Equity & Inclusion

90%

of Directors and above set DE&I performance and accountability goals

Diversity, Equity &

Inclusion

Achieved Phase 1 Progressive Aboriginal Relations certification from Canadian Council for Aboriginal Businesses

Diversity, Equity & Inclusion

78%+

leaders in offices, corporate stores and distribution centres completed Speak Freely training

Community Investment

~$19M

Close to $19M donated to support healthy bodies and minds in our communities (~$7M in corporate donations and ~$12M raised)

Planet	+
Products	+

Planet

We're reducing our impacts and taking action on climate change to do OurPart™ to protect our planet for future generations.

Climate Action

Near-term Scope 1 and 2 targets validated by Science Based Targets initiative (SBTi)

Climate Action

15%

reduction in Scope 1 and 2 targets compared to 2019 baseline - on track to achieve near- term targets

Climate Action

75%

of suppliers by
spend engaged on
CDP supply chain	Inaugural TCFD-
program	aligned report
	published

Food Waste

Close to 15M lbs of surplus food donated, gaining recognition from Second Harvest as Canada's top food rescue partner for 2022 (amount based on Second Harvest's fiscal year)

Products

We're doing OurPart™by delivering sustainable and ethical product choices for our customers.

Ethical & Sustainable Sourcing

Customer Experience & Engagement

Supplier Partnerships

	77%	390+
Seafood Metrics program launched,	of palm oil in products certified	women entrepreneurs supported in fiscal
improving traceability	sustainable	2023 (across Canada, excluding Quebec).

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Disclaimer

Empire Company Limited published this content on 28 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 July 2023 18:22:08 UTC.

Latest news about Empire Company Limited

RBC Raises Price Target on Top Pick Loblaw	Apr. 23	MT
Canada Targets 12 Foreign Grocers to Lure to Food-Retailing Market -- 2nd Update	Apr. 18	DJ
Canada Targets 12 Foreign Grocers to Lure to Food-Retailing Market -- Update	Apr. 18	DJ
Grocery giants including Tesco, Woolworths team up to launch $125 million VC fund	Apr. 08	RE
Verdant Technologies to Partner with Sobeys Inc. on Innovation to Eliminate Ice from Sobeys' Broccoli Supply Chain with Harvesthold Fresh	Apr. 08	CI
National Bank Reviews Empire Company's Q3 Results, Trims Estimates, Target Edges Down to $40	Mar. 15	MT
Empire Co Price Target Lowered to $43 at RBC	Mar. 15	MT
Transcript : Empire Company Limited, Q3 2024 Earnings Call, Mar 14, 2024	Mar. 14
Tranche Update on Empire Company Limited (TSX:EMP.A)'s Equity Buyback Plan announced on June 22, 2023.	Mar. 14	CI
Empire Company Limited Reports Earnings Results for the Third Quarter and Nine Months Ended February 03, 2024	Mar. 14	CI
Empire Company Reports Q3 Adjusted EPS of $0.62	Mar. 14	MT
Empire Co. Brief: Q3 Same-store sales, excluding fuel, increased by 1.9%; Gross margin, excluding fuel, increased by 87 basis points	Mar. 14	MT
Empire Co. Brief: Q3 Earnings per share and adjusted EPS of $0.54 and $0.62 respectively; Prior year EPS of $0.49 and adjusted EPS of $0.64	Mar. 14	MT
Empire Company Limited Declares Quarterly Dividend on Both the Class A Shares and the Class B Common Shares, Payable on April 30, 2024	Mar. 14	CI
BMO Trims Empire Target to $37 on "Under-emphasis" in Discount Grocery Segment	Mar. 06	MT
Empire Co. Price Target Lowered to $39 at Desjardins Ahead of Q3 Results	Mar. 06	MT
National Bank Previews Empire Company's Q3, Trims Target by $1, to $41	Feb. 26	MT
Manulife To Cover Specialty Drugs At Any Pharmacy After Backlash Over Loblaw Deal	Feb. 05	MT
Manulife and Loblaw Deal to Deliver Specialty Drugs Sparks Access, Competition Concerns	Jan. 30	MT
Canada Liberal Government Expects Antitrust Watchdog to Target Grocery Sector	Jan. 29	DJ
National Bank on Customer Perception of Canada's Grocers	Jan. 25	MT
Crombie REIT CFO to Resign; Down 1.7%	Jan. 24	MT
Crombie REIT CFO to Resign	Jan. 24	MT
Empire Company Limited Appoints Clinton Keay as Senior Vice President, Corporate Finance	Jan. 23	CI
National Bank's View on Possible Rexall Sale	Jan. 15	MT

Chart Empire Company Limited

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Company Profile

Empire Company Limited is a Canadian company engaged in the business of food retailing and related real estate. The Company's principal business segments include Food Retailing, and Investments and Other Operations. The Food retailing segment operates through its wholly owned subsidiary, Sobeys Inc. (Sobeys). The Food retailing segment comprises three operating segments, namely Sobeys National, Farm Boy and Longoâs. Sobeys serves the food shopping needs of customers with approximately 1,600 retail stores (corporate, franchise, affiliate) as well as over 350 retail fuel locations. The Investments and other operations segment principally consists of investments in Crombie REIT, real estate partnerships and various other corporate operations. Crombie REIT owns, operates and develops a portfolio of grocery and pharmacy-anchored shopping centers, freestanding stores and mixed-use developments primarily in Canadaâs urban and suburban markets.

Sector

Food Retail & Distribution

Calendar

2024-06-20 - Q4 2024 Earnings Release

More about the company

Income Statement Evolution

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Ratings for Empire Company Limited

Trading Rating

Investor Rating

ESG Refinitiv

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Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

32.84 CAD

Average target price

37.5 CAD

Spread / Average Target

+14.19%

Consensus

Quarterly earnings - Rate of surprise

Company calendar

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Other Food Retail & Distribution

Empire Company Limited

Equities

EMP.A

CA2918434077

Food Retail & Distribution

Empire : Fiscal 2023 Sustainable Business Report