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Industry NewsMetro profit declines from year ago amidst more normal shopping patterns

Metro profit declines from year ago amidst more normal shopping patterns

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Metro Inc. earned $252.4 million in its third quarter, down slightly from $263.5 million in the same quarter last year when shoppers were stocking up at the start of the pandemic. Despite this slight decline, Metro says it expects that in the short-term, “food revenues will continue to grow at higher-than-normal rates versus last year as a portion of restaurant and food service sales continue to transfer the grocery channel.”

Sales in the third quarter of fiscal 2020 reached $5,835.2 million, up 11.6 per cent compared to $5,229.3 million in the third quarter of fiscal 2019. Excluding the impact of IFRS 16 Leases adopted in the first quarter of 2020, sales reached $5,851.9 million, up 11.9 per cent. Food same-store sales were up 15.6 per cent (3.1 per cent in 2019). Food basket inflation was approximately 3.0 per cent (2.5 per cent in 2019). Online food sales almost quadrupled in the quarter from a small base last year. Pharmacy same-store sales were up 1.0 per cent (3.4 per cent in 2019), with a 2.7 per cent increase in prescription drugs and a 2.5 per cent decrease in front-store sales.

“The coronavirus pandemic represented an unprecedented challenge for all our teams and I am truly proud of the work that was accomplished during the crisis,” says Eric La Flèche, president and CEO of Metro Inc. “We delivered solid results in the third quarter, driven by the strong sales growth. Our priority remains the safety of our employees and our customers as we continue to invest in our stores, our supply chain and our merchandising programs to best serve our customers and ensure our long-term growth.”

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