Empire Names New CFO
Empire Co. Ltd., parent company of Sobeys, has revealed that EVP and CFO Matt Reindel will retire from the company. He will be replaced in May by Constantine (Costa) Pefanis, who was most recently CFO of Green Infrastructure Partners. Reindel has agreed to stay on for the next several months to support a seamless transition.
"Matt has been an incredible partner since joining Empire in 2019 and becoming CFO in 2021," said Michael Medline, president and CEO of Empire. "He played a critical role in helping drive Empire's turnaround while also navigating the challenges brought on by the pandemic as well as a period of high inflation and interest rates. He has been instrumental in building the foundation for our ongoing success."
Pefanis joins Empire with capital and public markets expertise across different sectors, including retail. He holds a bachelor of commerce degree from the University of Toronto and is a chartered professional accountant (CPA). Pefanis began his career with Arthur Anderson in its advisory practice before joining Leon's Furniture Ltd., where he held progressively senior finance roles, including as CFO, over a 19-year stint.
"I am thrilled that Costa will be joining Empire as CFO," continued Medline. "He is an experienced, immensely capable and intensely goal-oriented leader who will play a critical role in helping drive Empire's results in the years to come."
Empire also reported its financial results for the third quarter ended Feb. 1. For the quarter, the company recorded net earnings of CAD $146.1 million (62 cents per share), compared with CAD $134.2 million (54 cents per share) last year. Adjusted net earnings were CAD $146.1 million (62 cents per share), compared with CAD $153.1 million (62 cents per share) last year.
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Sales for the quarter totaled CAD $7.73 billion, up from CAD $7.49 billion a year earlier. Same-store sales, excluding fuel sales, increased 2.6%.
"We are pleased to see our strong execution continue in Q3, highlighted by improving same-stores sales and our ongoing discipline in managing margins," said Medline.
Stellarton, Nova Scotia-based Empire’s key businesses are food retailing through wholly owned subsidiary Sobeys Inc. and related real estate. With approximately CAD $31.1 billion in annual sales and CAD $16.8 billion in assets, Empire and its subsidiaries, franchisees and affiliates employ approximately 128,000 people. The company is No. 21 on The PG 100, Progressive Grocer’s 2024 list of the top food and consumables retailers in North America.
