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

“This was not a straightforward quarter,” said Michael Medline, Empire's president and chief executive on a call with analysts Thursday.

Empire's earnings report came as the Stellarton, N.S.-based company recovers from a cyberattack that shut down its pharmacy services and hampered self-checkout machines, gift card use and the redemption of loyalty points. Empire said the attack temporarily reduced sales and hindered the effectiveness of its operations, especially when rolling out promotions and using management tools.

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. At the committee hearing, the grocery executives argued food price inflation is not caused by profit-mongering and that their margins on food-related profits have remained low.

Chief Financial Officer Matt Reindel said on the call that the company isn't changing its business strategy during inflation.

All on the backs and pockets of consumers being gouged

Meanwhile people of this nation are reporting negative net worth? Mind blowing!

I guess their prices will go up even more now.

Cue the haters and theJagmeetSingh

this why they are selling a case of water for $5 👎🏾

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