Metro profit declines year-on-year as shopping patterns normalize

Metro Inc. says it earned $252.4 million in its latest quarter, down from $263.5 million in the same quarter last year when shoppers stocked up at the start of the pandemic.

The grocery and drugstore retailer says the profit amounted to $1.03 per diluted share for the 16-week period ended July 3, down from $1.04 per diluted share a year ago.

Sales in what was the company's third quarter were $5.72 billion, down from $5.84 billion last year.

COVID-19 related expenses for the quarter totalled $38 million compared with $107 million in the same quarter last year.

On an adjusted basis, Metro says it earned $1.06 per diluted share in the quarter, down from $1.08 per diluted share in the same quarter last year.

Analysts on average had expected an adjusted profit of $1.13 per diluted share for the quarter, according to financial market data firm Refinitiv.