Metro Q4 profit up from a year ago, sales edge lower

Metro Inc. reported its fourth-quarter profit rose compared with a year ago as its sales edged lower.

The Montreal-based grocery and drugstore retailer says it earned $194 million or 79 cents per diluted share for the 12-week period ended Sept. 25, up from a profit of $186.5 million or 74 cents per share in the same quarter a year earlier.

Sales in the quarter totalled $4.09 billion, down from $4.14 billion in the same quarter last year when the company says it saw exceptionally strong sales due to the pandemic.

Food same-store sales were down 2.9% compared with a year ago, while pharmacy same-store sales were up 4.1%.

On an adjusted basis, Metro says it earned 81 cents per diluted share, up from an adjusted profit of 77 cents per diluted share a year ago.

Analysts on average had expected an adjusted profit of 80 cents per share and $4.14 billion in sales, according to estimates compiled by financial markets data firm Refinitiv.