Grocery and drugstore retailer Metro reports $219.9M fourth-quarter profit

Metro Inc. reported a fourth-quarter profit of $219.9 million, down from $222.2 million a year earlier when its fourth-quarter included one more week.

The company behind Metro grocery stores and Jean Coutu drugstores says the profit amounted to 98 cents per diluted share for the quarter with a profit of 96 cents per share a year earlier when it had more shares outstanding.

Sales or the 12-week period ended Sept. 28 totalled $4.94 billion compared with $5.07 billion for the 13-week period ended Sept. 30, 2023.

Food same-store sales for the quarter were up 2.2%, while pharmacy same-store sales rose 5.7 per cent.

On an adjusted basis, Metro says it earned $1.02 per diluted share in its latest quarter compared with an adjusted profit of 99 cents per diluted share in the same quarter last year.

Metro chief executive Eric La Flèche says the company ended its 2024 financial year with a solid fourth quarter driven by strong comparable sales growth in both food and pharmacy on top of a very strong quarter last year.