Quebec grocery giant Metro posted a 14.4% increase in sales in the final quarter of 2023 despite food inflation and a strike by its employees in Ontario.
Metro’s revenue reached just over $5 billion in the fourth quarter, which ended Sept. 30.
Compared to the same quarter last year, the company was able to expect an increase in both grocery stores (+6.8%) and pharmacies (+5.5%).
Net income reached $222 million, an increase of 31.7% compared to the fourth quarter of 2022. Diluted net income per share was 96 cents, up 37.1%.
“We are pleased with our fourth quarter results, which we achieved in a difficult operating environment, which included a five-week strike at 27 Metro stores in Ontario,” recalled Éric La Flèche, president and CEO, on Wednesday.
This is also the first time that annual revenue exceeds $20 billion, reaching $20.7 billion.
In addition, in the eyes of Mr. La Flèche, “food inflation gradually declined over the quarter”.
The price increase therefore increased from 8% in the third quarter to 5.5% in the last quarter.
Recall that Metro recently announced the launch of its new automated distribution center for fresh and frozen products north of Montreal.