(Montreal) Food and pharmaceutical retailer Metro reports that in the second quarter of 2022, it posted net income of 198.1 million, or $0.82 per diluted share, compared to 188, 1 million, or $0.75 per diluted share during the corresponding period of the previous fiscal year.
Posted at 8:38
During the same period, adjusted net profit also increased, from 194.7 million to 204.7 million.
The turnover of the Quebec giant also increased, to 4.274 billion, up 1.9%. Same-store grocery store sales were up 0.8% over the same quarter last year, while same-store drug store sales improved 9.4%.
Metro President and CEO Eric La Flèche is pleased with the second quarter results which he says were achieved in a challenging operating environment marked by the Omicron variant and labor shortages throughout the supply chain.
Metro reports that inflationary pressures remain higher than normal and labor shortages persist. If they continue, they could put pressure on margins.