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Metro reports $263.5M Q3 profit, sales up more than 10%

The rise of home cooking gives the Montreal grocery and pharmacy retailer a sales boost

Metro Inc. reported a profit of $263.5 million in its latest quarter, up from $222.4 million a year ago, while its sales rose more than 10% as Canadians stayed and cooked at home due to the pandemic.

The grocery and pharmacy store retailer, which owns the Jean Coutu Group, says the profit amounted to $1.04 per share for the 16-week period ended July 4, up from 86 cents per share a year ago.

Sales totalled $5.84 billion, up from $5.23 billion. Food same-store sales rose 15.6%, while pharmacy same-store sales edged up 1%.

Metro says expenses related to COVID-19 totalled $107 million in the quarter.

On an adjusted basis, Metro says it earned $1.08 per share for what was the company's third quarter, up from an adjusted profit of 90 cents per share a year ago.

Analysts on average had expected an adjusted profit of $1.07 per share, according to financial markets data firm Refinitiv.

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