Jean Coutu labor dispute impacts bottom-line results
Robust food sales, fueled in part by surging online grocery traffic, lifted overall sales results at Metro Inc. for the fiscal 2021 first quarter, though a now-settled labor issue at its Jean Coutu subsidiary pulled per-share earnings below industry analysts’ forecast.
For the quarter ended Dec. 19, sales totaled $4.28 billion (Canadian), up 6.2% from $4.03 billion a year earlier, Montreal-based Metro said. Food comparable-store sales climbed 10% year over year, compared with a 1.4% in the fiscal 2020 first quarter. Food basket inflation was 2.5%, up from 2% a year ago.
“We are pleased with our first-quarter results, delivering continued double-digit food sales growth with good operating leverage while working through an eight-week labor conflict at our Jean Coutu distribution center,” Metro President and CEO Eric La Flèche (left) told analysts in a conference call.
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Online grocery and meal solutions company
Goodfood Market(TSX:FOOD) strategically focused on marketing campaigns during the back to school and Black Friday periods to appeal to its target market. This helped it achieve 33% growth in subscriber count to 306,000 in fiscal Q1 2021 compared to a year ago.
In the prior year, its subscriber growth was 83%. The slower growth could be the result of the law of large numbers. That said, no one would argue against Goodfood, as it’s experiencing growth during the pandemic when most other companies are experiencing contraction. Indeed, a percentage of consumers have shifted to online grocery as a part of their routine to limit or eliminate their visits to physical grocery stores.