Metro Inc. increased its profit 11.4 per cent and food and pharmacy same-store sales 10.0 per cent and 5.5 per cent respectively in its fourth quarter 2020 when compared to the same quarter one year ago. Online food sales surged 160 per cent.
“We delivered very solid results in the fourth quarter driven by strong comparable sales and good operating leverage in a challenging environment,” states Eric R. La Flèche, president and CEO.
“I want to again thank all our colleagues for their hard work during this unprecedented year. Our priority remains the safety of our employees and our customers as we continue to invest in our stores, supply chain and merchandising programs to best serve our customers and support our long-term growth. As such, we are pleased to announce the opening of a dedicated store for online grocery to serve Montreal next summer. This opening represents the next phase of our omnichannel strategy, efficiently adding capacity in a large urban area by leveraging our in-store pick model. We will also increase the number of Metro stores offering the click and collect service from the 40 planned to more than 100 by the end of Fiscal 2021.”
Sales in the fourth quarter of fiscal 2020 reached $4,143.6 million, up 7.4 per cent compared to $3,858.9 million in the fourth quarter of fiscal 2019. Online food sales are up 160 per cent versus last year.
Metro says food basket inflation was approximately 2.8 per cent, as it was in 2019. In addition to the 5.5 per cent increase in pharmacy same-store sales (3.4 per cent), Metro saw a 5.3 per cent increase in prescription drugs and a 6.0 per cent increase in front-store sales.