METRO Reports 2023 Second Quarter Results; Eric La Flèche Comments
MONTREAL, CANADA - A new program, strong promotional strategies, and more headline METRO’s most recent period of growth. The retailer just released the results for its second fiscal quarter, which ended March 11, 2023. Most notably, METRO surpassed $4.5 million in sales, which is up 6.6 percent from the previous year.
“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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