Metro’s Adjusted Net Income up 11% in Q4
Quebec grocery giant Metro (MRU) announces that it achieved positive financial results in the fourth quarter of the current fiscal year.
In the three-month period ended September 26, Metro posted net income of $ 186.5 million, up 11.4% from the corresponding period last year. Adjusted net income increased 11% to $ 193.1 million.
Diluted net income per share advanced 12.1% while adjusted diluted net income per share jumped 13.2%.
In his comments, Eric R. La Fleche, President and CEO of Metro, qualifies the results of the fourth quarter as very good thanks, according to him, to a strong increase in sales and good operating leverage in a difficult environment.
Sales for the fourth quarter of fiscal 2020 reached $ 4,144 billion compared to $ 3,859 billion in the corresponding quarter of 2019, an increase of 7.4%. Comparable grocery store sales were up 10% while comparable drugstore sales increased 5.5%.
In addition, Metro is announcing the opening of a dedicated online grocery store to serve Montreal next summer. In addition, the company will increase the number of Metro stores offering in-store pick-up service from 40 planned to more than 100 by the end of fiscal 2021.
The Quebec giant operates the Metro, Metro Plus, Super C and Food Basics banners, as well as some 650 pharmacies mainly under the Jean Coutu, Brunet, Metro Pharmacy and Food Basics Pharmacy banners.
Metro's adjusted net income up 11% in Q4 - /10