METRO Announces $5.8 Billion in Sales for Third Quarter of 2022; Eric La Flèche Shares
MONTREAL, CANADA - Canada-based grocer METRO is traversing a challenging market while continuing to achieve sales and revenue growth. Not only has the retailer pushed forward with its ambitious supply chain modernization program, but it has delivered a sales gain of over $145 million.
“We are pleased with the performance of our food and pharmacy businesses in the third quarter, which was achieved in a challenging operating environment with increasing inflationary pressures as well as ongoing labor shortages that are impacting the supply chain and our operations,” said Eric La Flèche, President and Chief Executive Officer. “I want to thank our teams who strive to deliver the best value possible to customers in these inflationary times with our multiple formats, effective promotional strategies, and strong private label offering. Finally, we are on track with our supply chain modernization program as the transition to our fully automated frozen food distribution center in Toronto is now complete and the ramp-up is progressing well.”
The report also highlighted a series of other accomplishments for the grocer:
- Sales of over $5.86 billion, up 2.5 percent
- Food same-store sales up 1.1 percent
- Net earnings of $275.0 million, up 9.0 percent
- Adjusted net earnings of $283.8 million, up 8.7 percent
- Operating income before depreciation and amortization for the third quarter of Fiscal 2022 totaled $565.1 million, or 9.6 percent of sales, an increase of 5.9 percent versus the corresponding quarter of Fiscal 2021
This $5.86 billion sales milestone represents a $145 million increase over the $5.71 billion in sales that was reported last year, a press release showed.
To read more of the retailer’s third quarter results, click here.
AndNowUKnow is always keeping a close watch on the financial performance of the retail sector, so stay tuned for the next update.