The results reported Thursday for the grocery store operator's third quarter compared with $203.4 million in net earnings during the same period the year before.
Empire said Thursday that the attack resulted in a $15 million hit to its net earnings and a six cent reduction to its earnings per share. It estimates the final effect of the cyberattack on its net earnings over fiscal 2023 and 2024 will be about $32 million net of estimated insurance recoveries. However, it warned there will be a time lag between the initial incurrence of costs and the recognition of insurance proceeds because of the "complexity" of cyber insurance coverage.
All three major grocers reported higher profits in the first half of 2022 compared to their average performance over the past five years, according to a recent report by the Agri-Food Analytics Lab at Dalhousie University. "The truth is we are at the end of a very long food supply chain that has economic inputs at every step and stage."
Sobeys and Loblaws are in a battle with Bell and Rogers to claim the title as biggest corporate crooks in North America .
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