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EMPIRE COMPANY LIMITED FOR IMMEDIATE RELEASE June 23 , 2021 Empire Reports Strong Fourth Quarter and Fiscal 2021 Results Fourth Quarter Summary • Earnings per share of $ 0.64 compared to $ 0.66 last year • • • • Same - store sales excluding fuel decreased by 6.1 % compared to last year's stock - up period Annual dividend per share increased 15.3 % Repurchased 4,124,260 shares in fiscal 2021 for a total consideration of $ 153.6 million Project Horizon growth plan on track ; first year successfully completed Capital investment program for fiscal 2022 expected to be approximately $ 765 million Purchase of 51 % of Longo's and Grocery Gateway completed subsequent to the end of the quarter Stellarton , NS - Empire Company Limited ( " Empire " or the " Company " ) ( TSX : EMP.A ) today announced its financial results for the fourth quarter and full year ended May 1 , 2021. For the quarter , the Company recorded net earnings of $ 171.9 million compared to $ 177.8 million last year . Total earnings per share in the fourth quarter last year included an unusual gain on the surrender of lease of $ 0.06 ; removing this impact , total net earnings per share increased 6.7 % compared to last year . " Despite the challenge of lapping last year's outsized COVID - driven results , we are pleased to report that our team delivered a very strong Q4 , matching last year's outstanding bottom - line performance and delivering two- year same - store sales growth of 10.4 % , " said Michael Medline , President and CEO , Empire . " These strong results are driven by our continued progress on day - to - day execution and Project Horizon , the benefits of which will be sustained long beyond COVID - 19 . I am so proud of our great team in stores and behind the scenes , who continue to drive real sales growth while maintaining cost control . " In the first quarter of fiscal 2021 , the Company launched Project Horizon , a three - year growth plan focused on core business expansion and the acceleration of e - commerce . The Company is on track to achieve a targeted incremental $ 500 million in annualized EBITDA and an improvement in EBITDA margin of 100 basis points by fiscal 2023 by ( i ) growing market share and ( ii ) building on cost and margin discipline . In fiscal 2021 , Project Horizon benefits were achieved from the expansion and renovation of the Company's store network , improvement in store operations and merchandising from data analytics along with continued efficiencies gained through strategic sourcing initiatives . Benefits were partially offset by the investment in the Company's e - commerce network . For fiscal 2022 , management expects the majority of benefits to be driven through the annualization of fiscal 2021 initiatives along with the continued expansion and renovation of the store network , promotional optimization , data analytics and strategic sourcing efficiencies . Benefits will be partially offset by the investment in the Company's e - commerce network . 115 King Street • Stellarton , NS • BOK 1S0 1