STELLARTON, NS, March 14, 2019 /CNW/ - Empire Company Limited ("Empire" or the "Company") (TSX: EMP.A) today announced that it has refiled both Empire's public documents and its wholly-owned subsidiary Sobeys Inc.'s public documents, for the 13 and 39 weeks ended February 2, 2019 to correct a typographical error in their IFRS 16 disclosure.
The following paragraph reflects the correct wording:
On the balance sheet – a right of use asset and corresponding lease liability will be added. The expected impact on the balance sheets is an inclusion of $4.2 billion to $4.5 billion of new lease liabilities and increases of $3.6 billion to $3.9 billion in assets mainly long-term. The Company continues to finalize and validate the key estimates and inputs into the calculations. The actual discount rate applied will be based on Empire's transition date of May 5, 2019, and changes in the discount rate may have a significant effect on estimates.
Empire Company Limited (TSX: EMP.A) is a Canadian company headquartered in Stellarton, Nova Scotia. Empire's key businesses are food retailing and related real estate. With approximately $24.8 billion in annualized sales and $9.3 billion in assets, Empire and its subsidiaries, franchisees and affiliates employ approximately 125,000 people.
SOURCE Empire Company Limited
For further information: Media Contact, Cynthia Thompson, Vice President, Communications & Corporate Affairs, Sobeys Inc., (902) 752-8371 ext. 8455; Investor Contact, Katie Brine, CPA, CA, CBV, CPIR, Director, Investor Relations, Sobeys Inc., (905) 238-7124 ext. 2092