metro

Metro says it plans to leave one of Canada's largest buying groups, United Grocers Inc. (UGI), effective March 11, 2023. The company made the announcement amid the release of its recent financial results for its fourth quarter, fiscal 2022.

Sales increased 8.3 per cent to $4,432.6 million in the period. Food same store sales grew 8.0 per cent and pharmacy same store sales climbed 7.4 per cent. Metro also says it plans to leave one of Canada's largest buying groups, United Grocers Inc. (UGI), effective March 11, 2023.

Eric La Flèche, president and CEO says Metro's results delivered "a solid performance" given the inflationary pressures.

"Our teams worked tirelessly to offer products at affordable and competitive prices in the current high inflation environment, which we know is difficult for many consumers. Our diversified business model allowed us to maintain stable gross margins while delivering good value to our customers, as reflected in overall tonnage growth and market share gains in the quarter. We are confident that our dedicated teams, multiple banners, strong private label offering, effective weekly promotions and loyalty programs position us well to continue to meet the needs of our customers as we navigate in this period of turbulence."

Sales in the fourth quarter of Fiscal 2022 remained strong, reaching $4,432.6 million, up 8.3 per cent from the fourth quarter of 2021 mainly due to higher inflation this quarter, reports Metro. Food same-store sales were up 8.0 per cent (down 2.9 per cent in 2021) versus the same quarter last year. Online food sales were up 33.0% versus last year (flat in 2021). Our food basket inflation increased to 10.0 per cent from 8.5 per cent in the previous quarter. Pharmacy same-store sales were up 7.4 per cent (4.1 per cent in 2021), with a 6.4 per cent increase in prescription drugs supported by COVID-related activities such as the distribution of rapid tests, and a 9.9 per cent increase in front-store sales, primarily driven by over-the-counter products and cosmetics.

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