Home Business Metro Inc says its sales came in 7.4% higher in the fiscal...

Metro Inc says its sales came in 7.4% higher in the fiscal fourth quarter

6

This post was originally published on this site

  • Metro Inc says its sales came in 7.4% higher in the fiscal fourth quarter.
  • The retailer values its COVID-19 related costs at £20.29 million in Q4.
  • The Canadian firm reports £598.59 million of net earnings in fiscal 2020.

Metro Inc. (TSE: MRU) said on Wednesday that its sales jumped 7.4% to £3.11 billion in the fiscal fourth quarter. The stock opened less than 1% down on Wednesday.

On a year to date basis, Metro is currently 15% up in the stock market after recovering close to 20% from its low in March. Learn more about how do people make money on the stock market.

Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.

Metro values COVID-19 related costs at £20.29 million in Q4

Metro said that its net earnings in the fourth quarter came in at £140.18 million that represents an 11.4% annualised growth. Adjusted net earnings printed at £145.14 million, up 11% as compared to the same quarter last year.

The Canadian supermarket company reported 55.62 pence of per-share earnings (fully diluted) in the recent quarter that were 12.1% higher than the year-ago figure. On an adjusted basis, the company earned 57.87 pence per share (fully diluted) that translates into a 13.2% year over year growth.

The Montreal- based company valued its COVID-19 related costs in Q4 at £20.29 million. In separate news from the U.S., retailer Target also published its quarterly financial update on Wednesday.

Other prominent figures in Metro’s earnings report on Wednesday include a 10% growth in food same-store sales. Pharmacy comparable-store sales, on the other hand, posted a 5.5% growth. The Canadian retailer also revealed to have renewed its share buyback program on Wednesday.

Metro’s full-year performance in fiscal 2020

In fiscal 2020 as a whole, Metro generated £13.52 billion of sales that were 7.3% higher than last year. Its full-year net earnings stood at £598.59 million or 11.5% higher than fiscal 2019. The retailer valued its total COVID-19 related expenses at £102.92 million.

President Eric R. La Fleche commented on the financial report on Wednesday and said:

“We are pleased to announce the opening of a dedicated store for online grocery to serve Montreal next summer. This opening represents the next phase of our omnichannel strategy, efficiently adding capacity in a large urban area by leveraging our in-store pick model. We will also increase the number of Metro stores offering the click and collect service from the 40 planned to more than 100 by the end of fiscal 2021.”

At the time of writing, Metro Inc. is valued at £8.79 billion and has a price to earnings ratio of 20.