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METRO REPORTS 2023 FIRST QUARTER RESULTS

Der Metro-Hauptsitz in Düsseldorf. © Lukassek / iStock Editorial / Getty Images Plus / Getty Images http://www.gettyimages.de

Canada NewsWire

MONTRÉAL, Jan. 24, 2023

MONTRÉAL, Jan. 24, 2023 /CNW Telbec/ - METRO INC. (TSX: MRU) today announced its results for the first quarter of fiscal 2023 ended December 17, 2022.

2023 FIRST QUARTER HIGHLIGHTS

Sales of $4,670.9 million, up 8.2%
Food same-store sales⁽¹⁾ up 7.5%
Pharmacy same-store sales⁽¹⁾ up 7.7%
Net earnings of $231.1 million, up 11.3%, and adjusted net earnings⁽¹⁾ of $237.6 million, up 10.9%
Fully diluted net earnings per share of $0.97, up 14.1%, and adjusted fully diluted net earnings per share⁽¹⁾ of $1.00, up 13.6%
Declared dividend of $0.3025 per share, up 10.0% versus last year

	12 weeks / Fiscal Year

(Millions of dollars, except for net earnings per share)	2023	%	2022 ARIVA.DE Börsen-Geflüster	%	Change (%)
Sales	4,670.9	100.0	4,316.6	100.0	8.2
Operating income before depreciation and amortization	462.0	9.9	424.1	9.8	8.9
Net earnings	231.1	4.9	207.7	4.8	11.3
Fully diluted net earnings per share	0.97	—	0.85	—	14.1
Adjusted net earnings⁽¹⁾	237.6	5.1	214.2	5.0	10.9
Adjusted fully diluted net earnings per share⁽¹⁾	1.00	—	0.88	—	13.6

PRESIDENT'S MESSAGE

"We delivered solid results in the first quarter, gaining market share in a very competitive environment. As inflationary pressures persist, our teams did an excellent job to offer the best value possible to customers in our stores, pharmacies and online and I thank them for their hard work. We will continue⁽²⁾ to execute on our business plans to deliver a strong value proposition to our customers, invest in our retail network and infrastructure, and support our communities. As the Company proudly celebrates its 75th anniversary, we look forward to continued growth⁽²⁾ and success for all stakeholders", declared Eric La Flèche, President and Chief Executive Officer.

OPERATING RESULTS

SALES

Sales in the first quarter of Fiscal 2023 remained strong, reaching $4,670.9 million, up 8.2% from the first quarter of 2022 mainly due to higher inflation this quarter. Food same-store sales were up 7.5% versus the same quarter last year (down 1.4% in the first quarter of 2022). Online food sales⁽¹⁾ were up 40.0% versus last year (flat in 2022). Our food basket inflation was 10.0%, the same level as the previous quarter. Pharmacy same-store sales were up 7.7% (7.7% in the first quarter of 2022), with a 6.5% increase in prescription drugs⁽¹⁾ and a 10.2% increase in front-store sales⁽¹⁾, primarily driven by over-the-counter products, cosmetics and health and beauty.

OPERATING INCOME BEFORE DEPRECIATION AND AMORTIZATION

This earnings measurement excludes financial costs, taxes, depreciation and amortization.

Operating income before depreciation and amortization for the first quarter of Fiscal 2023 totalled $462.0 million, or 9.9% of sales, an increase of 8.9% versus the corresponding quarter of Fiscal 2022.

Gross margin⁽¹⁾ for the first quarter of Fiscal 2023 was 19.6% versus 19.9% for the corresponding period of 2022, resulting mainly from higher cost of goods sold in food.

Operating expenses as a percentage of sales for the first quarter of Fiscal 2023 were 9.8% versus 10.2% in the corresponding quarter of 2022. The decrease in the percentage of operating expenses on sales is mainly due to good cost control and good leverage on the high level of sales.

DEPRECIATION AND AMORTIZATION

Total depreciation and amortization expense for the first quarter of Fiscal 2023 was $120.1 million versus $112.5 million for the corresponding quarter of 2022. This increase reflects the additional investments in supply chain and logistics as well as in-store technology.

NET FINANCIAL COSTS

Net financial costs for the first quarter of Fiscal 2023 were $27.1 million compared with $28.7 million for the corresponding quarter of 2022. This reduction is mainly due to the decrease in interest on pension assets and liabilities as well as higher capitalized interest.

INCOME TAXES

The income tax expense of $83.7 million for the first quarter of Fiscal 2023 represented an effective tax rate of 26.6% compared with an income tax expense of $75.2 million and an effective tax rate of 26.6% in the first quarter of Fiscal 2022.

NET EARNINGS AND ADJUSTED NET EARNINGS⁽¹⁾

Net earnings for the first quarter of Fiscal 2023 were $231.1 million compared with $207.7 million for the corresponding quarter of 2022, while fully diluted net earnings per share were $0.97 compared with $0.85 in 2022, up 11.3% and 14.1% respectively. Excluding the specific item shown in the table below, adjusted net earnings⁽¹⁾ for the first quarter of Fiscal 2023 totalled $237.6 million compared with $214.2 million for the corresponding quarter of 2022 and adjusted fully diluted net earnings per share⁽¹⁾ were to $1.00 versus $0.88, up 10.9% and 13.6% respectively.

Net earnings and fully diluted net earnings per share (EPS) adjustments⁽¹⁾

	12 weeks / Fiscal Year
	2023		2022		Change (%)
	Net earnings (Millions of dollars)	Fully diluted EPS (Dollars)	Net earnings (Millions of dollars)	Fully diluted EPS (Dollars)	Net earnings	Fully diluted EPS
Per financial statements	231.1	0.97	207.7	0.85	11.3	14.1
Amortization of intangible assets acquired in connection with the Jean Coutu Group acquisition, net of taxes of $2.4	6.5		6.5
Adjusted measures⁽¹⁾	237.6	1.00	214.2	0.88	10.9	13.6

NORMAL COURSE ISSUER BID PROGRAM

Under the current normal course issuer bid program, the Corporation may repurchase up to 7,000,000 of its Common Shares between November 25, 2022 and November 24, 2023. Between November 25, 2022 and January 13, 2023, the Corporation has repurchased 696,000 Common Shares at an average price of $74.94, for a total consideration of $52.2 million.

DIVIDENDS

On January 23, 2023, the Board of Directors declared a quarterly dividend of $0.3025 per share, an increase of 10.0% versus last year quarterly dividend.

FORWARD-LOOKING INFORMATION

We have used, throughout this report, different statements that could, within the context of regulations issued by the Canadian Securities Administrators, be construed as being forward-looking information. In general, any statement contained herein that does not constitute a historical fact may be deemed a forward-looking statement. Expression such as "continue" and other similar expressions are generally indicative of forward-looking statements. The forward-looking statements contained herein are based upon certain assumptions regarding the Canadian food and pharmaceutical industries, the general economy, our annual budget, as well as our 2023 action plan.

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