Metro continues to do gold business online and in its stores. The food giant posted revenue of $ 4.28 billion for its fiscal year ended Dec. 19. This is a jump of 6.2%.
On Tuesday, Metro unveiled the financial results for its first quarter 2020-2021. The company reported net income of $ 191.2 million, a 12.3% jump from the same period in 2019-2020.
“We are satisfied with our first quarter results, marked by a strong sustained increase in our food sales and good expense control, while we had to deal with an eight-week labor dispute at our distribution center in Jean Coutu », Notes in a press release Eric La Flèche, President and CEO.
Metro says it has returned “to normal operating conditions” in its distribution center in Varennes. This conflict still had an “unfavorable impact” on the sales of the organization, concedes management.
As has been the case since the start of the pandemic, online food sales have continued to explode for the Quebec banner. They have increased by 170% compared to last year.
Comparable store sales for pharmacies were up 1.3%, an increase of 4% for prescription drugs and a decrease of 3.8% for products in the commercial section.
Metro explains this decrease by a drop in ridership, a milder cold and flu season and a reduction in promotions during the labor dispute at its distribution center.
$ 28 million
During the first quarter of 2021, the costs related to various measures related to COVID-19 amounted to $ 28 million for Metro. Of this amount, management says $ 8 million was used for gift cards to 45,000 employees of the organization.
Metro expects restrictions on non-essential products to now impact the sales of its pharmacy division. In the first four weeks of the second quarter, comparable drugstore sales declined 11.7%.
As for food, since December, comparable store sales have increased by 12.0%.