Metro operates or services a network of 950 food stores under several banners. Credit: GTD Aquitaine/commons.wikipedia.org.

Grocery store chain Metro has reported sales of C$6.4bn ($4.7bn) in the third quarter (Q3) of fiscal year (FY) 2023, up 9.6% compared to the same period in FY22.

During the period ending 1 July 2023, the retailer’s food same-store sales grew 9.4%. Online food sales also rose by 99.0% against the prior fiscal. Pharmacy same-store sales were up 5.9% in Q3 FY23.

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Metro’s operating income before depreciation and amortisation for Q3 FY23 was C$612.3m, representing 8.4% growth from the corresponding quarter in FY22.

Its gross margin for the third quarter was 19.6%, down from 19.8% in the prior year’s quarter.

The retailer posted net earnings growth of 26.1% to C$346.7m in Q3 FY23 while its adjusted net earnings for the period increased 10.9% to C$314.8m.

Its diluted net earnings per share increased 30.7% to C$1.49 over the FY.

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Metro president and chief executive officer Eric La Flèche said: “With persistent food inflation, our teams did an excellent job to offer good value to our customers, resulting in market share gains and tonnage growth, driven by our discount food stores.

“Our loyalty programme MOİ was successfully launched this quarter and we are pleased with the strong customer response so far. This enhanced programme provides even more value to customers by offering multiple ways to earn and redeem points on food and pharmacy purchases in Québec.

“We are clearly disappointed with the current labour dispute in 27 of our Metro stores in the Greater Toronto Area, given that we had reached a very good agreement that was unanimously recommended by union representatives. We look forward to a resolution and the re-opening of our stores as soon as possible while ensuring the long-term competitiveness of our company.”