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.

Reviewer overview

Metro's adjusted net income up 11% in Q4 - /10

Summary

0 Bad!