Metro reports Q4 profit down from year ago as it takes one time Air Miles charge

Metro Inc. reported its fourth-quarter profit fell compared with a year ago as it took a $60-million charge related to the company's decision to have its Jean Coutu drugstore chain withdraw from the Air Miles loyalty program next year.

The grocery and drugstore retailer says it earned $168.7 million or 70 cents per diluted share for the quarter ended Sept. 24 compared with a profit of $194.0 million or 79 cents per diluted share a year ago.

Sales totalled $4.43 billion, up from $4.09 billion in the same quarter last year.

Food same-store sales gained 8%, while pharmacy same-store sales rose 7.4%.

On an adjusted basis, Metro says it earned 92 cents per diluted share in its latest quarter, up from an adjusted profit of 81 cents per share a year ago.

Analysts on average had expected a profit of 90 cents per share and $4.29 billion in sales, according to estimates compiled by financial markets data firm Refinitiv.