New quarter, same result at grocery retailer Metro. Earnings rose again in the second quarter ended March 11, this time up 10.4% to $218.8 million.
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They had been $231.1 million in the first quarter, up 11.3%.
Marge improves again
As a result, the Quebec grocer posted profit of $449.9 million for the first six months of its 2023 fiscal year, up 10.9%. In 2022, Metro posted a profit of $405.8 million for the first half. This increase in net income in 2023 is also based on increasing sales. They came in at $9.23 billion for the first two quarters, compared to $8.59 billion in 2022, up 7%. For the most recent quarter, sales growth at comparable stores open 12 months or more was 5.8%.
In short, Metro is improving its profit margin so far this year, with its net income-to-sales ratio rising from 4.7% in the first six months of 2022 to 4.8% in 2023.
On this subject, remember that grocers’ profit margins are the subject of analysis by a parliamentary committee in Ottawa.
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