Sobeys' parent Empire reports earnings estimate miss on costs of cyberattack

The November attack forced Empire to spend millions on fees for lawyers and professional services, software and hardware upgrades and lost inventory. The company said it brought in “leading cyber defence firms” to help its in-house security teams solve the problem.

But the grocery chain suggested it could recover more money from insurance in the coming quarters, further dampening the final cost of the attack. “Empire estimates, based on available information, that the final impact on net earnings over fiscal 2023 and fiscal 2024 will be approximately $32.0 million, net of estimated insurance recoveries,” the company said.Empire booked profits of $125.7 million, or 49 cents per share, on sales of $7.5 billion in the quarter ended Feb. 4. On an adjusted basis, net earnings were $164.

Adjusted earnings per share of 64 cents missed forecasts of 71 cents. RBC analyst Irene Nattel said Empire had an “extremely noisy quarter,” with a “negative impact on revenues of event as operations were severely disrupted” by the cybersecurity woes. But the results were roughly in line with forecasts excluding the six-cent drag from the attack, Nattel wrote in a note to investors.

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Sobeys' parent Empire reports earnings estimate miss on costs of cyberattackSobeys\u0027 parent Empire Co. said in it latest earnings report a cyberattack late last year cost the grocery chain $54 million. Read on. Jagmeet Singh and the NDP will be happy. we're done with your sponsors the oligarchs that are screwing us
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Empire reports $125.7-million net earnings as it rebounds from Sobeys cyberattackEmpire says the results for its third quarter compared with $203.4-million in net earnings during the same period the year before That’s what price gouging does, makes rebounds a breeze.
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Empire reports $125.7M net earnings as it rebounds from Sobeys cyberattack | Globalnews.caThe company's 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.
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