Metro has reported its results for the third quarter of fiscal 2022 ended July 2, 2022. Sales remained strong, reaching $5,865.5 million, up 2.5% per cent versus elevated sales in the third quarter of 2021 due to the pandemic.
Food same-store sales were up 1.1 per cent (down 3.6 per cent in 2021) versus the same quarter last year. Online food sales were flat versus last year (up 19.0 per cent in 2021). Food basket inflation was about 8.5 per cent (5.0 per cent in the previous quarter).
Pharmacy same-store sales were up 7.2 per cent (7.6 per cent in 2021), with a 5.6 per cent increase in prescription drugs supported by COVID-related activities such as the distribution of rapid tests and a 10.7 per cent increase in front-store sales, primarily driven by over-the-counter products and cosmetics.
Metro reports net earnings of $275.0 million, up 9.0 per cent and adjusted net earnings of $283.8 million, up 8.7 per cent; fully diluted net earnings per share of $1.14, up 10.7 per cent, and adjusted fully diluted net earnings per share of $1.18, up 11.3 per cent.
"We are pleased with the performance of our food and pharmacy businesses in the third quarter, which was achieved in a challenging operating environment with increasing inflationary pressures as well as ongoing labor [sic] shortages that are impacting the supply chain and our operations. I want to thank our teams who strive to deliver the best value possible to customers in these inflationary times with our multiple formats, effective promotional strategies and strong private label offering. Finally, we are on track with our supply chain modernization program as the transition to our fully automated frozen food distribution center in Toronto is now complete and the ramp-up is progressing well," said Eric La Flèche, president and chief executive officer.