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METRO Announces 5.8B in Sales for Third Quarter of 2022; Eric La Flèche Shares

METRO Announces 5.8B in Sales for Third Quarter of 2022; Eric La Flèche Shares


MONTREAL, CANADA
Monday, August 29th, 2022

Canada-based grocer METRO recently delivered its Q3 earnings report for 2022, revealing a sales gain of over $145 million. With a strong report under its belt, the retailer is continuing to push forth with its ambitious supply chain modernization program.

Eric La Flèche, President and Chief Executive Officer, METRO“We are pleased with the performance of our food and pharmacy businesses in the third quarter, which was achieved in a challenging operating environment with increasing inflationary pressures as well as ongoing labor shortages that are impacting the supply chain and our operations,” said Eric La Flèche, President and Chief Executive Officer. “I want to thank our teams who strive to deliver the best value possible to customers in these inflationary times with our multiple formats, effective promotional strategies, and strong private label offering. Finally, we are on track with our supply chain modernization program as the transition to our fully automated frozen food distribution center in Toronto is now complete and the ramp-up is progressing well.”

METRO’s Q3 report also highlighted a series of other accomplishments for the grocer, such as:

  • Sales of over $5.86 billion, up 2.5 percent
  • Food same-store sales up 1.1 percent
  • Net earnings of $275.0 million, up 9.0 percent
  • Adjusted net earnings of $283.8 million, up 8.7 percent
  • Operating income before depreciation and amortization for the third quarter of Fiscal 2022 totaled $565.1 million, or 9.6 percent of sales, an increase of 5.9 percent versus the corresponding quarter of Fiscal 2021

This $5.86 billion sales milestone represents a $145 million increase over the $5.71 billion in sales that was reported last year, a press release showed.

Not only has METRO pushed forward with its ambitious supply chain modernization program, but it has delivered a sales gain of over $145 million

To read more of the retailer’s third quarter results, click here.

With our eyes trained to the wire, keep checking back for the latest in all things retail, foodservice, and specialty.

METRO
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