METRO INC. announced Tuesday its results for the first quarter of Fiscal 2026 ended December 20, 2025, with sales rising by 3.3% compared to a year ago while net earnings fell by close to 13%.
“We delivered sales and earnings per share growth in a challenging operating environment, marked by the temporary closure of our freezer in Toronto and persistent food inflation. We are pleased with our new discount store openings and our growing market share in a very competitive market. Our teams are committed to provide the best value possible to our customers and we are confident that our diversified business model, sustained investments in our retail networks and strong execution will continue to deliver long term growth for our shareholders,” said Eric La Flèche, President and Chief Executive Officer.
2026 FIRST QUARTER HIGHLIGHTS
- Sales of $5,285.8 million, up 3.3%
- Food same-store sales up 1.6% and up 1.9% when adjusting for the Christmas shift
- Pharmacy same-store sales up 3.9%
- Net earnings of $226.3 million, down 12.8% and adjusted net earnings of $248.7 million, up 1.3%
- Fully diluted net earnings per share of $1.05, down 9.5% and adjusted fully diluted net earnings per share of $1.16, up 5.5%
- Earnings adjusted for the negative impact of $15.9 million ($21.6 million before taxes) for the direct costs related to the temporary shutdown of our frozen food distribution centre in Toronto
- Declared dividend of $0.4075 per share, up 10.1% versus last year
The company said sales were negatively impacted by the transfer of one significant pre-Christmas shopping day to the second quarter this year and by the temporary shutdown of its frozen food distribution centre in Toronto.
“Our focus remains on realizing efficiency gains throughout our supply chain and store network while we continue to execute on our plan to accelerate the development of our growing discount banners with the planned opening of about a dozen new or converted stores in this fiscal year. In the current challenging economic environment, we remain steadfast in our efforts to deliver the best value possible to our customers through our effective merchandising programs, strong private labels, the Moi program, and consistent execution at store level,” it said.
With annual sales of more than $22 billion, METRO Inc. is a food and pharmacy leader in Québec and Ontario, providing employment to more than 97,000 people.
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