MONTREAL – Metro Inc. reported a fourth-quarter profit of $219.9 million, down from $222.2 million a year earlier when its fourth-quarter included one more week.
The company behind Metro grocery stores and Jean Coutu drugstores said the profit amounted to 98 cents per diluted share for the quarter with a profit of 96 cents per share a year earlier when it had more shares outstanding.
Sales or the 12-week period ended Sept. 28 totalled $4.94 billion compared with $5.07 billion for the 13-week period ended Sept. 30, 2023.
Food same-store sales for the quarter were up 2.2 per cent, while online food sales gained 27.6 per cent versus the comparable 12-week period last year.
Pharmacy same-store sales rose 5.7 per cent helped by a 6.8 per cent increase in prescription drugs and a 3.3 per cent rise in front-store sales, primarily driven by over-the-counter products, cosmetics and health and beauty.
On an adjusted basis, Metro said it earned $1.02 per diluted share in its latest quarter compared with an adjusted profit of 99 cents per diluted share in the same quarter last year.
Metro chief executive Eric La Flèche said the results for what he called a transition year met expectations and landed well within the guidance provided last year.
“Our 2024 fiscal year ended with a solid fourth quarter driven by strong comparable sales growth in both food and pharmacy on top of a very strong quarter last year,” he said in a statement.
This report by The Canadian Press was first published Nov. 20, 2024.
Companies in this story: (TSX:MRU)
