07:34 AM EDT, 03/13/2025 (MT Newswires) -- Empire (EMP-A.TO) on Thursday said third-quarter adjusted profit fell slightly while revenue rose and beat expectations.

Net earnings, adjusted for most one-time items, was $146.1 million, or $0.62 per share, compared with adjusted profit of $153.1 million, or $0.62 per share, in the prior year period. The result met the consensus analysts expectations of $0.62, according to FactSet.

Third quarter revenue rose 3% to $7.73 billion, beating analysts expectations of $7.65 billion. The increase was driven by growth particularly in Full-Service and FreshCo and also by higher fuel sales. Same-store sales growth was 2.5% for the quarter, up from 1.3% in the prior year period.

"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 Michael Medline, Empire chief executive.

Empire, which notes that 12% of its annual sales is rated to goods sourced from the U.S., is working to reduce that amount because of the impact of U.S. tariffs.

Capital spending for fiscal 2025 is expected to be $700 million, with half of this allocated to renovations and new store expansion. The company is on track to renovate 20% to 25% of the network between fiscal 2024 and fiscal 2026.

The company will pay a quarterly dividend of $0.20 per share on April 30.

Empire said Matt Reindel, executive vice president and chief financial officer, has decided to retire. He will be replaced in May by Constantine Pefanis, who has most recently served as CFO of Green Infrastructure Partners. Reindel will stay on for the next several months to facilitate the transition.