The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: George Doumet - Scotiabank Global Banking and Markets, Research Division - Analyst
: I just wanted to ask a little bit on the intra-trend, the quarters -- for the quarter on same-store sales, maybe how that looks like? And we're well into
Q1, if you could maybe talk to that and how the conventional banners are performing?
Question: George Doumet - Scotiabank Global Banking and Markets, Research Division - Analyst
: And Michael, can you talk about which areas of the business are seeing the highest engagement? I guess, redemption activity from Scene+ or just
generally highest engagement and is it more discount, is it more conventional? And once we get the personalization where you'd like it to be? Can
you maybe share what you expect to ultimately contribute may be the same-store sales or margins, I guess, longer term?
Question: George Doumet - Scotiabank Global Banking and Markets, Research Division - Analyst
: I appreciate that. Thanks. Just one last one if I may for Matt. On that 8% to 11% EPS longer term, there is a line of sight there 3 years. And maybe I
guess more near-term, how should we think about EPS growth for fiscal 2024? Maybe put in another way, is there anything getting in the way of
us maybe not being able to do 8% to 11% this year, assuming obviously that inflation continues to moderate?
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JUNE 22, 2023 / 3:30PM, EMPa.TO - Q4 2023 Empire Company Ltd Earnings Call
Question: Vishal Shreedhar - National Bank Financial, Inc., Research Division - Analyst
: I was hoping you could help me better understand in particular what's driving your improvement in comp and even through the quarter, the
gradual improvement. And I know we've talked a lot about it already through the call, but you know the consumer situation where the mortgage
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JUNE 22, 2023 / 3:30PM, EMPa.TO - Q4 2023 Empire Company Ltd Earnings Call
is renewing is still tough, inflation is still high. So is this a general industry comment with the inflation not getting higher at the same rate or is it
an Empire improvement situation? Anything you can help me to understand what in particular is driving that improvement that you are seeing?
Question: Vishal Shreedhar - National Bank Financial, Inc., Research Division - Analyst
: Okay. So just to follow up on that, so you're seeing more strength in conventional, but at the same time, you're seeing promotional intensity
increase. And that -- does that align with the understanding that you had at the time that you indicated to us that when inflation starts, the cadence
starts slowing, you would anticipate the conventional business just starting to improve?
Question: Vishal Shreedhar - National Bank Financial, Inc., Research Division - Analyst
: And just changing topics here on the capital allocation, a lot of cash commitments this year, you got the dividend going up, you got the buyback,
you have the CapEx program. So how should we think about management's orientation with respect to leverage levels and the cash outlay? Are
you satisfied with the level of levers that you have in terms of levels or do you want to bring that down? And if so, what's the right level that Empire
should run at?
Question: Vishal Shreedhar - National Bank Financial, Inc., Research Division - Analyst
: And the buyback, you anticipate to be fully active on that?
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