On the verge of launching its loyalty program, Metro Inc. showed that more customers were sticking it out with the grocer during times of inflation.
Metro Inc., headquartered in Montreal, Canada, revealed results of the second quarter of FY 2023, and sales increased 6.6% (to just over $4.5 million) compared to last year sales when there were still COVID-19 restrictions in place in some Canadian provinces. Same-store sales rose 5.8% vs. first quarter results and online food sales were up a substantial 41% vs. last year mainly driven by new partnership sales. Pharmacy same-store sales were up 7.3% and front-store sales experienced a 12.2% increase. Leading the front-store charge were over-the-counter products, cosmetics and health and beauty.
"We are pleased with our results in the second quarter as our teams continued to deliver value to our customers in the current high food inflation environment with competitive everyday prices, growing private label sales and effective promotional strategies. We will continue to invest in our people, our retail network and the modernization of our supply chain, and we are well positioned to achieve our long-term growth objectives). Finally, we are looking forward to the launch of our new loyalty program MOİ later this spring)," declared Eric La Flèche, president and CEO of Metro Inc.
Over the first 24 weeks of FY 2023, sales are up 7.4% (just over $9.2 million) vs. the first 24 of FY 2022. Solid cost containment allowed Metro Inc. to keep operating expenses at percentage of sales for the second quarter of FY 2023 at 10.3% compared to 10.4% the preceding quarter.
