Empire reports $125.7M net earnings as it rebounds from Sobeys cyberattack

A Sobeys grocery store is seen in Halifax on Thursday, Sept. 11, 2014.

Its earnings for the period ended Feb. 4 amounted to 49 cents per share, down from 77 cents per share in the third quarter of the prior fiscal year, when Empire said it incurred “unusually large” lease termination income and higher property sales from Crombie Real Estate Investment Trust.Sales, which were driven by the expansion of FreshCo in Western Canada, higher food inflation and increased fuel sales, reached $7.49 billion compared with $7.38 billion in the prior quarter.

The incident that left Sobeys customers unable to fill prescriptions for four days and many of the grocer’s systems had to be shut down for several weeks. Last quarter, Empire said the cybersecurity incident was expected to cost $25 million in net earnings after insurance recoveries, but the company declined to share the total cost of the disruption.

Of course it's profit-mongering but it's not a recent phenomenon.

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