![]() ![]() ![]() On an adjusted basis, Metro said it earned $1.00 per diluted share, up from an adjusted profit of 88 cents per diluted share a year earlier. 17, up from 85 cents per diluted share a year earlier, prompting the company to raise its quarterly dividend to 30.25 cents per share, up from 27.5 cents per share. The profit amounted to 97 cents per diluted share for the 12-weeks ended Dec. Metro, which operates both supermarkets and drugstores, reported net income of $231.1 million in its first quarter, up 11.3 per cent from $207.7 million in the same quarter a year ago. Items such as cosmetics, over-the-counter drugs and apparel are thought to have higher gross profit margins. Yet researchers have said a lack of transparency in the financial results of grocers makes it difficult to determine profit margins on food because companies lump different retail segments - such as food, pharmacy and general merchandise - together. ![]() In fact, La Fleche said Metro is "absorbing some of the (price) increases as our gross food margins are decreasing." "This high inflation over the past several months is difficult for everyone to accept, but it is a global reality (and) Canada is faring better than most countries."Ĭritics have accused grocers of so-called greedflation, suggesting they are profiteering at a time of spiralling inflation, but companies have repeatedly said their profit margins on food remain stable. "In 2022, Metro received more than 27,000 price increases averaging more than 10 per cent from suppliers for dry groceries alone - nearly three times the annual average," Metro CEO Eric La Fleche said during an annual meeting of shareholders on Tuesday. Metro said higher costs are being passed through the supply chain from food manufacturers, wholesalers, processors and producers. Grocers have come under intense scrutiny in recent months for posting strong profits as many Canadians struggle with higher food costs. Metro Inc., the first of Canada's big three grocers to release earnings this year, reported Tuesday a double-digit increase in profits and a 10 per cent dividend hike following a period that saw food prices rise at the fastest pace in decades. ![]()
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