Page 1

FOR IMMEDIATE RELEASE March 10 , 2021 EMPIRE COMPANY LIMITED Empire's Project Horizon Strategy Benefits Take Hold in Strong Third Quarter Fiscal 2021 Results Third Quarter Summary • • Same - store sales excluding fuel increased by 10.7 % Earnings per share of $ 0.66 an increase of 47 % compared to $ 0.45 last year Project Horizon growth plan on track E - commerce sales growth of 315 % 37 FreshCo locations in Western Canada confirmed ; 23 stores now open $ 100 million of shares purchased to date Stellarton , NS - Empire Company Limited ( " Empire " or the " Company " ) ( TSX : EMP.A ) today announced its financial results for the third quarter ended January 30 , 2021. For the quarter , the Company recorded net earnings of $ 176.3 million ( $ 0.66 per share ) compared to $ 120.5 million ( $ 0.45 per share ) last year . - " Our improvements in market share and gross margin send a strong message – the underlying strength we've built at Empire and the team's discipline executing Project Horizon is bearing further fruit , " said Michael Medline , President & CEO , Empire . “ The tremendous progress we've made in advanced analytics will help drive our compelling customer value proposition . Our operational and merchandising execution is leaps and bounds ahead of where it was four years ago . I attribute our success to our focus and discipline to execute against our strategy , while living our values . " 115 King Street • Stellarton , NS • BOK 1S0