(Montreal) Grocery store Metro’s profits were down year-over-year in the third quarter, despite an increase in sales.
The Montreal-based company reported net income of $296.2 million, or $1.31 per share, for the quarter ended July 6 on Wednesday. That’s down 14.6% from $346.7 million, or $1.49 per share, for the same period last year.
The company’s revenue was $6.65 billion, up 3.5 percent from $6.43 billion in the third quarter of last year.
Same-store food sales were up 2.4%. Metro said food inflation at its grocery stores in the quarter was slightly lower than reported inflation for food purchased in stores of 1.1%.
Comparable pharmacy sales increased 5.2%, driven by increases of 6.3% for prescription drugs and 3.0% for commercial products, attributable to over-the-counter drugs, cosmetics and health and beauty products.
Metro President and CEO Eric La Flèche noted in a press release the “solid growth in comparable store sales in the third quarter,” even though the company had achieved a “very strong performance” in the same quarter last year.
Metro took advantage of the unveiling of its third quarter results to announce that its automated distribution center for fresh and frozen products in Terrebonne is now fully operational.