Metro Inc. reported a third-quarter profit of $296.2 million, which was a decrease from $346.7 million in the same period last year. Despite the decline in profit, the company experienced a 3.5% increase in sales. The earnings per diluted share for the quarter ended July 6 were $1.31, compared to $1.49 in the previous year.
Total sales for the quarter reached $6.65 billion, up from $6.43 billion in the same quarter last year. The growth in sales was driven by a 2.4% increase in food same-store sales and a 5.2% increase in pharmacy same-store sales, with prescription drugs rising by 6.3% and front-store sales by 3.0%.
On an adjusted basis, Metro reported earnings of $1.35 per diluted share for the latest quarter, remaining unchanged from the previous year. The company’s Chief Executive Officer, Eric La Flèche, attributed the solid comparable sales growth to effective merchandising and execution in its food and pharmacy banners.
Earlier this year, Metro had anticipated significant financial challenges in 2024 due to its shift to new distribution centers in Terrebonne, Que., and Toronto. La Flèche confirmed that the automated fresh and frozen facility in Terrebonne is now fully operational, with productivity levels increasing as planned. Additionally, the transfer to the final phase of the automated fresh facility in Toronto has commenced.
In line with Metro’s strategic initiatives and business operations, the company continues to focus on optimizing its distribution capabilities and enhancing its market presence.
