Metro Q1 2020 results

Metro Inc. reported $4 billion in sales in the three months ending December 21, 2019, an increase of 1.3 per cent compared to the same period the prior year ($3,977.7 million).

Same-store sales for food increased 1.4 per cent and same-store sales for pharmacy climbed 3.6 per cent.

Eric R. La Flèche, president and CEO, says food same-store sales would have been up 2.0 per cent if Christmas sales were taken into account.

“Our food basked inflation was approximately 2.0 per cent (1.8 per cent in 2019).”

The increase in pharmacy same-store sales included a 4.1 per cent increase in prescription drugs and a 2.7 per cent increase in front-store sales.

“The 2020 fiscal year is off to a good start with solid revenue and earnings growh in a very competitive environment. Our business is well diversified and we are confident in our ability to grow by focusing on our customer’s needs and continuing to invest in our retail network and supply chain.”

According to market analysts, competition in Metro’s Quebec and Ontario markets is still considered to be more rational than in Western Canada, “although national players could be looking east to capture tonnage as consumer spending is weaker in the west,” notes TD Waterhouse.

Metro Inc.’s businesses include grocery stores under the Metro, Food Basics, Super C banners and drugstores under the Jean Coutu and Brunet banners.

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