Metro reports $296.2M Q3 profit, sales up 3.5% from year ago

Metro Inc. says it earned a third-quarter profit of $296.2 million, down from $346.7 million in the same quarter last year, as its sales rose 3.5 per cent.

The grocery and drugstore retailer says the profit amounted to $1.31 per diluted share for the quarter ended July 6, down from $1.49 per diluted share a year earlier.

Sales in the quarter amounted to $6.65 billion, up from $6.43 billion in the same quarter last year.

The increase in sales came as food same-store sales rose 2.4 per cent.

Pharmacy same-store sales gained 5.2 per cent, with a 6.3 per cent increase in prescription drugs and a 3.0 per cent increase in front-store sales.

On an adjusted basis, Metro says it earned $1.35 per diluted share in its latest quarter, unchanged from its adjusted result a year earlier.

– This report by The Canadian Press was first published on Aug. 14, 2024.