METRO Reports 2023 Second Quarter Results; Eric La Flèche Comments

Wielding strong promotional strategies, a new program, and more, METRO has succeeded in achieving a strong second quarter, as described in its recently released second quarter fiscal results. For the period ending March 11, 2023, the retailer revealed that it surpassed $4.5 million in sales, an increase of 6.6 percent from the year prior.

“We are pleased with our results in the second quarter as our teams continued to deliver value to our customers in the current high food inflation environment with competitive everyday prices, growing private label sales, and effective promotional strategies,” said Eric La Flèche, President and Chief Executive Officer. “We will continue to invest in our people, our retail network, and the modernization of our supply chain, and we are well-positioned to achieve our long-term growth objectives. Finally, we are looking forward to the launch of our new loyalty program MOI later this spring.”

According to a release from METRO, the jump in sales is due to the change in demand that came along with COVID-related restrictions.

Other highlights from the report include:

• Food same-store sales up 5.8 percent
• Net earnings of $218.8 million, up 10.4 percent, and adjusted net earnings of $225.4 million, up 10.1 percent
• Fully diluted net earnings per share of $0.93, up 13.4 percent, and adjusted fully diluted net earnings per share of $0.96, up 14.3 percent

For the full report, check out METRO’s posting here.

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