The Globe and Mail reports in its Thursday, Sept. 3, edition that despite a challenging consumer environment, National Bank Financial analyst Vishal Shreedhar foresees growth from Empire when it reports its first quarter fiscal 2027 results on Sept. 10. The Globe's David Leeder writes that Mr. Shreedhar continues to rate Empire "sector perform." Mr. Shreedhar moved his share target ahead by a loonie to $56. Analysts on average target the shares at $55.67. Mr. Shreedhar says in a note: "Our food sssg projection reflects higher basket and stable traffic amid a sequential moderation in food store inflation. Statscan data suggests an average food store inflation rate of 3.8 per cent during Q1/F27 vs. 4.1 per cent last quarter and 3.2 per cent last year. Statscan data until June, 2026, suggests industry food store sales grew 0.2 per cent year-over-year vs. 1.8 per cent year-over-year in Q4/F26. We model FR [food retail] EBITDA margin to be 30 basis points higher year-over-year as Empire benefits from the cycling of higher variable compensation and store efficiencies, partly offset by heightened fuel prices (up 25 per cent year-over-year; retail and outbound supply chain), among other factors. ... We remain on the sidelines."