Metro reports Q2 profit down from year ago, sales edged higher

By The Canadian Press on April 24, 2024.

MONTREAL – Metro Inc. reported its second-quarter profit fell compared with a year ago as its sales edged higher.

The food and drugstore retailer says it earned $187.1 million or 83 cents per diluted for the 12-week period ended March 16. The result was down from a profit $218.8 million or 93 cents per diluted share a year earlier.

Sales in the quarter totalled $4.66 billion, up from $4.55 billion in the same quarter last year.

Metro says food same-store sales were up 0.2 per cent in the quarter and up 2.7 per cent after adjusting for the Christmas week shift.

Pharmacy same-store sales were up 5.9 per cent, boosted by a 6.0 per cent increase in prescription drugs and a 5.8 per cent gain in front-store sales.

On an adjusted basis, Metro says it earned 91 cents per diluted share in its latest quarter, down from 96 cents per diluted share a year earlier.