METRO Reports 2021 Second Quarter Results
MONTRÉAL, CANADA - The industry has seen a greater emphasis on retail innovation these past few years. Although the COVID-19 pandemic has shifted the way both retailers and consumers interact with grocery shopping, it’s clear that current shopping habits will have a lasting impact on the industry. This shows as METRO recently announced its results for the second quarter of fiscal 2021, ending on March 13, 2021. The retailer reported it saw sales up 5.1 percent, amounting to $4.19 billion.
"We delivered strong sales and earnings growth in our second quarter. More than one year into the pandemic crisis, our teams continue to show extraordinary resilience to safely serve our communities while executing well on our strategic priorities of operational excellence, supply chain modernization, and digital acceleration,” stated Eric La Flèche, President and Chief Executive Officer. “Our affiliated pharmacists have begun to administer vaccines, and we look forward to increasing the pace as soon as more vaccine supply becomes available in the coming weeks.”
According to the report, highlights from the financial included:
- Sales in the first 24 weeks of Fiscal 2021 totaled $8.47 billion, up 5.6 percent
- Sales in the second quarter of Fiscal 2021 reached $4.19 billion, up 5.1 percent
- Food same-store sales were up 5.5 percent (9.7 percent in 2020) and were up 10.1 percent for the first 10 weeks of the quarter
- Online food sales increased by about 240 percent versus last year. METRO’s food basket inflation was approximately 2.0 percent (2.0 percent in 2020)
While the industry is still observing safety protocols, METRO is keeping its associates’ health top of mind. As retail workers and frontline employees were given high priority as essential workers, the retailer reinvested in its workforce and operations.
Costs related to COVID-19 for the second quarter of Fiscal 2021 were approximately $29 million, including $8 million of gift cards to front-line employees.
“As we are currently cycling the peak sales of the start of the pandemic last year, we are confident that our sales volume will remain elevated compared to pre-pandemic levels, and we are well-positioned to continue to deliver value to our customers and shareholders,” concluded Flèche.
For more information on METRO’s second quarter, click here.
ANUK will keep our fingers on the retail pulse, so keep checking back for the latest.