Q1 2025 Empire Company Ltd Earnings Call Transcript
Key Points
- Empire Co Ltd (EMLAF) reported a record adjusted EPS of $0.90 for Q1, marking their highest ever.
- Same-store sales grew by 1%, showing improvement despite a strong performance of 4.1% in the prior year.
- The company achieved a gross margin improvement of 46 basis points, surpassing their medium-term goal of 10 to 20 basis points.
- The Scene+ loyalty program has been successful, with members spending 55% more than non-members.
- Voila, Empire's e-commerce platform, saw a 26% increase in sales, marking the fourth consecutive quarter of double-digit growth.
- The overall economy remains weak, impacting consumer behavior and spending.
- Empire Co Ltd (EMLAF) faces challenges in maintaining the same level of growth in Voila as they start to lap stronger levels of growth from previous quarters.
- SG&A expenses increased by 4% year-over-year, driven by higher investments and compensation expenses.
- The company is experiencing a gradual increase in promotional penetration, which could impact margins.
- Empire Co Ltd (EMLAF) is cautious about the potential impact of fluctuating interest rates and inflation on consumer sentiment and spending.
Good afternoon, ladies and gentlemen, and welcome to the Empire first quarter 2025 conference call. (Operator Instructions) This call is being recorded on Thursday, September 12, 2024. I would now like to turn the conference over to Katie. Please go ahead.
Thank you, Julie. Good afternoon, and thank you all for joining us for our first quarter conference call. Today, we will provide summary comments on our results and then open the call for questions.
This call is being recorded and the audio recording will be available on the company's website at empireco.ca. There's a short summary document outlining the points of our quarter available on our website.
Joining me on the call this afternoon are Michael Medline, President and Chief Executive Officer; Matt Reindel, Chief Financial Officer; Pierre St-Laurent, Chief Operating Officer; and Doug Nathanson, Chief Development Officer and General Counsel.
Today's discussion includes forward looking statements. We caution
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