Grocery and drugstore retailer Metro Inc. ended its 'transition year' with fourth-quarter earnings of $219.
Grocery and drugstore retailer Metro Inc. ended its"transition year" with fourth-quarter earnings of $219.9 million, with an almost $1-billion supply chain transformation in the rearview mirror and plans to grow its store footprint in the coming year.
The company behind Metro grocery stores and Jean Coutu drugstores said the earnings were slightly down from $222.2 million in the fourth quarter last year, which included one more week but also included a labour strike that cost the company about $27 million after tax. The company opened nine new grocery stores during the fiscal year, said chief financial officer François Thibault, including three conversions to Super C, the company's discount chain in Quebec. It also carried out major expansions and renovations at 11 food retail stores, he said, and relocated another two, increasing the store network's total footprint by 1.5 per cent.
Metro launched its new Moi Rewards program in Ontario during the quarter, and La Flèche said the response has been good so far, with more than a million enrolments in less than four weeks. This was"fueled by third-party partnerships for same-day delivery and the ongoing expansion of our click-and-collect service to our discount banners," said La Flèche.
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