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.
"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:
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.
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