MONTREAL, CANADA - The fourth quarter results are in for METRO, and a significant boost in sales is outlined in the report. For the period ended September 24, 2022, METRO saw an 8.3 percent increase in sales, surpassing $4.4 billion.
"Our 2022 fiscal year ended with a solid performance in the fourth quarter as our teams worked tirelessly to offer products at affordable and competitive prices in the current high inflation environment, which we know is difficult for many consumers. Our diversified business model allowed us to maintain stable gross margins while delivering good value to our customers, as reflected in overall tonnage growth and market share gains in the quarter. We are confident that our dedicated teams, multiple banners, strong private label offering, effective weekly promotions, and loyalty programs position us well to continue to meet the needs of our customers as we navigate in this period of turbulence," declared Eric La Flèche, President and Chief Executive Officer.
In addition to this sales growth, METRO saw an 8 percent increase in food same-store sales, suggesting that the retailer's food business continues to see success. A press release noted that net earnings were $168.7 million, down 13.0 percent, and adjusted net earnings were $219.4 million, up 9.4 percent.
Highlights from the 2022 fiscal year include:
- Sales of $18,888.9 million, up 3.3 percent
- Net earnings of $849.5 million, up 2.9 percent and adjusted net earnings of $922.1 million, up 7.9 percent
- Fully diluted net earnings per share of $3.51, up 5.4 percent, and adjusted fully diluted net earnings per share of $3.82, up 11.0 percent
For more details, check out METRO's press release here.
Keep following along with us as we continue to track the progress of grocers like this one.
