Revenue up for Metro

Metro revenue up

DAY

Quebec food giant Metro announced on Wednesday that it had reached net income of $275 million in the third quarter of 2022, up 9% from $252.4 million for the same period last year. last year.

During the same period, adjusted net income increased by 8.7% to $283.8 million. Adjusted diluted net earnings per share reached $1.18, compared to $1.06 a year earlier.

Metro's revenue for the third quarter of 2022 was $5.86 billion, up 2.5% from $5.72 billion for the same period in 2021.

Metro reported that same-store grocery store sales increased 1.1% from a year ago, while same-store drug store sales increased 7.2%. However, online food sales remained stable compared to last year.

Metro President and CEO Éric La Flèche said he was satisfied with the company's results, despite “increasing inflationary pressures and labor shortages that continue to affect supply chain and our operations.”

“The modernization of our supply chain is on track. The transition to our fully automated frozen food distribution center in Toronto is now complete and the commissioning of this new center is progressing well,” he also added.

Metro expects In the near term, its grocery store revenue “will grow at a faster rate than recent quarters” as the company expects prescription drug revenue growth to slow from what was recorded year-to-date “due to the high number of physician visits in the fourth quarter of the prior year”.