Food retailer Metro Inc. posts third-quarter profit of $275 million as sales rise

By The Canadian Press

MONTREAL — Metro Inc. reported a third-quarter profit of $275 million, up from $252.4 million a year earlier, as sales gained 2.5 per cent.

The Montreal-based grocery and drug store retailer says the profit amounted to $1.14 per diluted share for the period ended July 2, up from $1.03 cents per diluted share a year earlier.

Sales totalled $5.87 billion, up from $5.72 billion, as food same-store sales gained 1.1 per cent and pharmacy same-store sales rose 7.2 per cent.

On an adjusted basis, Metro says it earned $1.18 cents per diluted share for the quarter, up from $1.06 per diluted share a year earlier.

In its outlook, Metro says it continues to face higher than normal inflationary pressures and labour shortages, which it anticipates could put pressure on margins going forward if prolonged.

Metro also says it expects same-store food sales to grow at a higher rate than in recent quarters and for growth in prescriptions on the pharmacy side of the business to moderate.

This report by The Canadian Press was first published Aug. 10, 2022.

Companies in this story: (TSX:MRU)

The Canadian Press

Top Stories

Top Stories

Most Watched Today