The launch is one of several big changes at the grocer in what president and CEO
The company has completed the bulk of its transition to its new automated fresh and frozen distribution centre in
It’s now gearing up to start the final phase of its automated fresh facility in
And with the launch of Moi at Metro and Food Basics stores in
The investments in new facilities, duplicate costs during the shift, and an impairment of assets related to withdrawing from Air Miles are among the factors that weighed on Metro’s second-quarter earnings as expected. But La Flèche said the changes are setting the company up for strength and growth in fiscal 2025.
“Next year will be a better year,” he said on a conference call with analysts on Wednesday.
“We’re going to see lower expenses next year, for sure.”
Metro reported its earnings for the second quarter were
RBC analyst
In Metro's earlier outlook for the financial year, it said it expected significant headwinds in 2024 due to the
Sales in the second quarter totalled
Food same-store sales were up 0.2 per cent in the quarter and up 2.7 per cent after adjusting for the Christmas week shift, while pharmacy same-store sales were up 5.9 per cent, boosted by a 6.0 per cent increase in prescription drugs and a 5.8 per cent gain in front-store sales.
The company’s discount banners continue to fuel growth, said La Flèche.
“Facing cost of living pressures all around, customers continued to shop carefully and search for value,” he said, adding that private-label sales are still outpacing national brands.
Consumers are continuing to trade down in specific categories, in particular meat, and are seeking out promotions, said
On an adjusted basis, Metro said it earned
Shares in Metro rose 0.54 per cent to close at
This report by The Canadian Press was first published
Companies in this story: (TSX:MRU)
© 2024 The Canadian Press. All rights reserved., source