Grocery and drugstore retailer Metro reports $323M Q3 profit, up from $296M

Metro Inc. reported a third-quarter profit of $323.0 million, up from $296.2 million in the same quarter last year.

The grocery and drugstore retailer says its profit amounted to $1.48 per diluted share for the 16-week period ended July 5, up from $1.31 per diluted share a year ago.

Sales for the quarter totalled $6.87 billion, up from $6.65 billion in the same quarter last year.

Metro chief executive Eric La Flèche says the results were marked by solid comparable sales growth in food and pharmacy, and good cost control. 

Food same-store sales were up 1.9%, while pharmacy same-store sales were up 5.5%, with a 6.2% increase in prescription drugs and a 4% increase in front-store sales, primarily driven by over-the-counter products, cosmetics, and health and beauty.

On an adjusted basis, Metro says it earned $1.52 per diluted share in its latest quarter, up from an adjusted profit of $1.35 per diluted share in the same quarter last year.