Grocery and drugstore retailer Metro reports Q2 profit and sales up from year ago

Metro Inc. reported a second-quarter profit of $220.0 million, up from $187.1 million a year ago, as its sales rose 5.5%.

The grocery and drugstore retailer says its profit amounted to 99 cents per diluted share for the 12-week period ended March 15, up from 83 cents per diluted share a year earlier.

Sales totalled $4.91 billion, up from $4.66 billion in the same quarter last year, helped by the transfer of two significant pre-Christmas shopping days to the second quarter.

Food same-store sales were up 5.3% in the quarter and up 3.9% after adjusting for the Christmas shift.

Pharmacy same-store sales were up 7%, helped by a 7.8% increase for prescription drugs and a 5.3%t increase in front-store sales. Front-store sales were up 3.7% after adjusting for the Christmas shift.

On an adjusted basis, Metro says it earned $1.02 per diluted share in its latest quarter, up from an adjusted profit of 91 cents per diluted share a year earlier.