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Metro laps pandemic-driven sales gains in Q3
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Metro posts 5 1% sales gain for second quarter
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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.
Retiring Réal Raymond set to step down next month
Canadian food and drug retailer Metro Inc. has named independent director Pierre Boivin as chairman of the board, succeeding Réal Raymond, who is retiring.
Plans call for Boivin to take the reins as chairman upon being elected at Metro’s annual shareholders meeting on Jan. 26. Raymond, who has served as chairman of Montreal-based Metro since January 2015, will step down at that time.
“It is an honor and a privilege to be selected by the board as incoming Chairman. I very much look forward to helping Metro, one of the best food and pharmacy distributors and retailers in Canada, continue its growth and development,” Boivin (left) said in a statement. “Réal Raymond has been an excellent chairman of the board at a time of significant growth for the company. On behalf of the board, I extend our sincere gratitude and appreciation to Réal for his contribution to Metro’s success.”