Metro sees online sales surge during the fourth quarter

Canadian grocer Metro on Wednesday said online sales jumped more than 100% during its fourth quarter.

During the 12-week period ended Sept. 28, Metro reported total sales of $3.5 billion, up 5.7% over the year-ago period, which included an extra week. Food same-store sales increased  6.8% year over year, while online sales grew 116% compared to the same 12-week period last year.

Pharmacy same-store sales increased 5.5%, with the largest increase coming from prescription drugs.

Fourth-quarter net earnings were $157.3 million, compared to $158.7 million during the 13-week Q4 of 2023.

“Our 2024 fiscal year ended with a strong fourth quarter, driven by robust comparable-sales growth in both food and pharmacy, following a very strong quarter last year,” said Metro President and CEO Eric La Fleche during the earnings call. “Our results for this transition year met our expectations and were well within the guidance provided last year.”

For the full fiscal year, sales totaled $15.2 billion, an increase of 4.4%, factoring in only 52 weeks for 2023. Net earnings were $666.6 million.

Metro expects gradual profit growth in fiscal year 2025, with an annual growth target of between 8% and 10% for adjusted net earnings per share over the medium and long term.

Financial challenges for the quarter included the completion of an automated distribution center for fresh products in Toronto, marking the final phase of the Canadian grocer’s supply chain modernization plan.

The grocer’s MOI Rewards program successfully launched in Ontario at the end of October, and more than 1 million members signed up in just over four weeks.

Based in Montreal, Metro operates 980 food stores across Canada under the banners Metro, Metro Plus, Super C, Food Basics, Adonis, and Premiere Moisson, and 640 pharmacies, primarily under the Jean Coutu name.