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METRO Reports 2023 Fourth Quarter Results; Eric La Flèche Comments

METRO Reports 2023 Fourth Quarter Results; Eric La Flèche Comments


MONTRÉAL, QUÉBEC, CANADA
Thursday, November 16th, 2023

Grocery chain METRO recently pulled back the curtain on its performance for the fourth quarter of fiscal 2023, which ended September 30, 2023. In the company’s most recent financial report, the retailer revealed that its sales in the fourth quarter of fiscal 2023 remained strong, reaching $5,071.7 million ($5.07 billion), and up 14.4 percent versus the fourth quarter of the prior year.

Eric La Flèche, President and Chief Executive Officer, METRO"We are pleased with our fourth quarter results which were achieved in a challenging operating environment that included a five-week strike at 27 Metro stores in Ontario,” shared Eric La Flèche, President and Chief Executive Officer. “For the first time in our history, sales for the year exceeded $20 billion and net earnings reached $1 billion. Our sales momentum remains strong, driven by our discount banners and pharmacy. Food inflation declined steadily during the quarter, and our teams continue to deliver the best value possible to our customers every day.”

Other highlights include:

  • Food same-store sales up 6.8 percent
  • Net earnings of $222.2 million, up 31.7 percent, and adjusted net earnings of $228.8 million, up 4.3 percent
  • Fully diluted net earnings per share of $0.96, up 37.1 percent, and adjusted fully diluted net earnings per share of $0.99, up 7.6 percent
  • Negative impact of about $0.12 per share due to a labor conflict at 27 Metro stores in the Greater Toronto Area

METRO has pulled back the curtain on its performance for the fourth quarter of fiscal 2023, which ended September 30, 2023

Recent expansions have also guided growth for the company, according to a press release.

“We reached a key milestone in our supply chain modernization program with the start-up of our new state-of-the-art automated distribution center for fresh and frozen products north of Montreal,” La Flèche continued. “This facility will improve service to our stores and fuel our long-term growth.”

The full financial report can be accessed here.

DMN will continue to track this company’s continuous growth and more, so leave a tab open for us.

METRO
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