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Food retailer Metro posts $198.1M Q2 profit, up from $188.1M last year as sales rise

Canadian Press - Thu Apr 21, 2022
A Metro supermarket is seen Wednesday, September 27, 2017 in Ste. Marthe-sur-le-Lac, Quebec. Metro Inc. reported a second-quarter profit of $198.1 million, up from $188.1 million a year earlier, as sales gained 1.9 per cent. THE CANADIAN PRESS/Ryan Remiorz

MONTREAL — Metro Inc. reported a second-quarter profit of $198.1 million, up from $188.1 million a year earlier, as sales gained 1.9 per cent.

The Montreal-based grocery and drug store retailer says the profit amounted to 82 cents per diluted share for the 12-week period ended March 12, up from 75 cents per diluted share a year earlier.

Sales totalled $4.27 billion, up from $4.19 billion, as food same-store sales gained 0.8 per cent and pharmacy same-store sales rose 9.4 per cent.

On an adjusted basis, Metro says it earned 84 cents per diluted share for the quarter, up from an adjusted profit of 78 cents per share a year earlier.

In its outlook, Metro says it continues to face higher than normal inflationary pressures and labour shortages which, if prolonged, could put pressure on margins.

Metro says it expects food sales in the short term to remain relatively stable versus last year while it expects continued growth in its pharmacy business although somewhat moderated versus the first half of the year.

This report by The Canadian Press was first published April 21, 2022.

Companies in this story: (TSX:MRU)

Provided Content: Content provided by Canadian Press. The Globe and Mail was not involved, and material was not reviewed prior to publication.