Metro reports $263.5M Q2 profit, sales up more than 10% as Canadians eat at home

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MONTREAL, Ont. — Metro Inc. reported a profit of $263.5 million in its latest quarter, up from $222.4 million a year ago, while its sales rose more than 10 per cent as Canadians stayed and cooked at home due to the pandemic.

The grocery and pharmacy store retailer, which owns the Jean Coutu Group, says the profit amounted to $1.04 per share for the 16-week period ended July 4, up from 86 cents per share a year ago.

Sales totalled $5.84 billion, up from $5.23 billion. Food same-store sales rose 15.6 per cent, while pharmacy same-store sales edged up 1.0 per cent.

Metro says expenses related to COVID-19 totalled $107 million in the quarter.

On an adjusted basis, Metro says it earned $1.08 per share for what was the company’s third quarter, up from an adjusted profit of 90 cents per share a year ago.

Analysts on average had expected an adjusted profit of $1.07 per share, according to financial markets data firm Refinitiv.

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