Metro raises dividend, reports Q1 profit and sales up from year ago

Metro Inc. raised its quarterly dividend as it reported a profit of $231.1 million in its latest quarter, up from $207.7 million in the same quarter a year earlier.

The grocery and drugstore retailer says it will now pay a quarterly dividend of 30.25 cents per share, up from 27.5 cents per share.

The increased payment to shareholders came as Metro reported a profit of 97 cents per diluted share for the 12-weeks ended Dec. 17, up from 85 cents per diluted share a year earlier.

Sales in what was the first quarter of the company's 2023 financial year totalled $4.67 billion, up from nearly $4.32 billion a year ago.

The increase in sales came as food same-store sales rose 7.5% compared with a year ago. Pharmacy same-store sales gained 7.7% compared with a year ago with a 6.5% increase in prescription drug and a 10.2% gain in front-store sales.

On an adjusted basis, Metro says it earned $1.00 per diluted share, up from an adjusted profit of 88 cents per diluted share a year earlier.