CANADA - The Ontario-based grocer made headlines last December when it divested the entire assets of its MissFresh division to a competitor. The move may have spurred on a positive growth strategy for the company, as it recently reported favorable 2020 Q1 financial results.

“The 2020 fiscal year is off to a good start with solid revenue and earnings growth in a very competitive environment. Our business is well diversified, and we are confident in our ability to grow by focusing on our customer’s needs and continuing to invest in our retail network and supply chain,” stated Eric. R. La Flèche, President and Chief Executive Officer, in a press release.

Highlights from the company’s first quarter include:

• Sales of CDN $4,029.8 million (US $3,061.3 million), up 1.3 percent and 1.6 percent when excluding the impact of IFRS 16
• Food same-store sales up 1.4 percent
• Pharmacy same-store sales up 3.6 percent
• Net earnings of CDN $170.2 million (US $129.3 million), down 16.2 percent
• Adjusted net earnings of CDN $180.9 million (US $137.4 million), up 5.1 percent
• Fully diluted net earnings per share of $0.67, down 15.2 percent Adjusted fully diluted net earnings per share of $0.71, up 6.0 percent Declared dividend of $0.225 per share, up 12.5 percent
• Dividend payout increase to a target range of 30 percent to 40 percent of the previous year's adjusted net earnings

To read the entirety of the financial report, click here.

As always, keep checking in with AndNowUKnow for the latest in fresh produce, retail, and more.

Metro