MONTREAL, QC - Metro Inc. has reported its Q3 2015 financial results, showing an increase in profits that the company accredits in part to fresh food products.
“We are pleased with our third quarter performance, which was driven by continued strong sales growth, especially in fresh food products,” said Eric R. La Flèche, President and Chief Executive Officer for Metro. “Our teams executed well on their business plans across all banners to deliver a good shopping experience to our customers. We are confident that our merchandising strategies and investments in our store network will continue to sustain our growth and create value for our shareholders.”
The company saw its net earnings grow to $163.5 million in the third quarter of 2015, highlighting an increase of 13.1% over $144.5 million for the same period last year. Fully diluted net earnings per share reached a high of $0.64, as opposed to $0.54 in 2014, an increase of 18.5%. According to the report, the increase in the third quarter is attributable in part to the acquisition of Première Moisson and to higher sales of fresh products.
“The market environment remains highly competitive, still very promotional. Inflation levels have come down from the previous quarter, mostly in fresh, but we are starting to see some inflation pickup in the center store,” said La Flèche in a conference call with investors. “While the weakness of the Canadian dollar will likely continue to generate inflation in produce, we expect lower levels of overall inflation in the coming months as we cycle through the strong meat price increases of last year and previous quarters.”
Other highlights from Metro’s Q2 2015 report include:
- Sales of $3.8 billion, up 6.1% from last year
- Same-store sales up 4.3% from last year
- Fully diluted net earnings per share of $0.64, up 18.5% from last year
- Declared dividend of $0.117(1) per share, up 16.7% from last year
AndNowUKnow will continue to update you on all the latest fresh produce industry financial news, so stay tuned.
