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EMPIRE COMPANY LIMITED FOR IMMEDIATE RELEASE December 9 , 2021 Empire Shows Continued Momentum with Strong Second Quarter Results ; Project Horizon On Track Second Quarter Summary • • • Earnings per share of $ 0.66 compared to $ 0.60 last year Same - store sales excluding fuel decreased by 1.3 % compared to elevated sales last year Excluding fuel , gross margin increased by 72 basis points Project Horizon strategy on track Free cash flow of $ 129.5 million - 72 % growth over last year $ 189.6 million of shares repurchased to date Stellarton , NS - Empire Company Limited ( " Empire " or the " Company " ) ( TSX : EMP.A ) today announced its financial results for the second quarter ended October 30 , 2021. For the quarter , the Company recorded net earnings of $ 175.4 million ( $ 0.66 per share ) compared to $ 161.4 million ( $ 0.60 per share ) last year , an increase of 8.7 % . " We see strong momentum as we continue to improve our operations and execute on our key Project Horizon initiatives , " said Michael Medline , President & CEO , Empire . " Sales were strong , up 4.9 % over last year and 13.7 % over two years ago . We are delivering two - year same - store sales growth of 6.8 % , and at the same time our margins keep improving . I'm very pleased with our team's consistent and growing ability to deliver results to our customers and shareholders . " PROJECT HORIZON In the first quarter of fiscal 2021 , the Company launched Project Horizon , a three - year strategy focused on core business expansion and the acceleration of e - commerce . The Company remains on track to achieve an incremental $ 500 million in annualized EBITDA and an improvement in EBITDA margin of 100 basis points by fiscal 2023 , by growing market share and building on cost and margin discipline . In the second quarter of fiscal 2022 , earnings continued to be positively impacted by strategic initiatives , including the continued expansion and renovation of the store network , promotional optimization , data analytics and strategic sourcing efficiencies . Management expects these initiatives will continue to drive the majority of benefits through the remainder of fiscal 2022 . 115 King Street • Stellarton , NS • BOK 1S0