Metro Q3 profit up from a year ago

Same-store sales increases across food and pharmacy help give the Montreal-based company a boost

Metro Inc. reported a profit of $222.4 million in its latest quarter, up from $167.5 million a year ago, as sales also climbed higher.

The retailer says the profit amounted to 86 cents per diluted share for the 16-week period ended July 6 compared with a profit of 69 cents per diluted share in the same quarter last year.

Sales in what was the company's third quarter totalled $5.23 billion, up from $4.64 billion, boosted by the addition of Jean Coutu Group.

Food same-store sales were up 3.1%, while pharmacy same-store sales were up 3.4%.

On an adjusted basis, Metro says it earned 90 cents per share in its most recent quarter compared with an adjusted profit of 75 cents per share a year ago.

Analysts on average had expected an adjusted profit of 92 cents per share for the quarter, according to the financial markets data firm Refinitiv.

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