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Metro increases its profits and turnover



(Montreal) The Metro company posted several increases when disclosing its financial results for the first quarter of fiscal 2023.

The Quebec food and pharmaceutical giant reports that compared to the corresponding quarter of the previous fiscal year, net income increased by 11.3%, to 231.1 million and that per diluted share, the increase was 14.1%, to $0.97.

Adjusted net earnings were $237.6 million compared to $214.2 million a year earlier, while adjusted diluted net earnings per share amounted to $1.00 compared to $0.88, increases 10.9% and 13.6% respectively.

Metro’s turnover amounted to 4.671 billion, up 8.2% in one year. Same-store grocery store sales increased 7.5% and same-store drugstore sales increased 7.7%.

The company reports that its food basket saw inflation of 10%, the same level as the previous quarter.

Metro President and CEO Éric La Flèche observed that the company’s market share increased in the first quarter of 2023, which ended last month, despite a very competitive environment.

The Board declares a quarterly dividend of $0.3025 per share, an increase of 10% over last year’s quarterly dividend.

Company quoted in this dispatch: Metro (TSX: MRU)

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