METRO INC. announced on Wednesday its financial results for the second quarter of Fiscal 2026 ended March 14, 2026, indicating overall sales grew by 4.% to just over $5.1 billion.
“We delivered solid second quarter results, driven by strong revenue growth and disciplined expense control, as our teams continue to offer the best possible value to customers across all our banners. We are very pleased with the expansion of our discount store network, which continues to fuel food sales growth, as well as with the sustained sales momentum in our pharmacy business.
“We are disappointed with the strike at our produce distribution center in Laval, our contingency plan is in place and our Quebec stores are now generally well stocked. We look forward to a resolution that considers the needs of our employees and customers while ensuring the long-term competitiveness of our company,” said Eric La Flèche, President and Chief Executive Officer.
2026 SECOND QUARTER HIGHLIGHTS
– Sales of $5,113.0 million, up 4.1%
– Food same-store sales up 1.8%
– Pharmacy same-store sales up 5.1%
– Net earnings of $246.6 million, up 12.1% and adjusted net earnings of $236.5 million, up 4.4%
– Fully diluted net earnings per share of $1.16, up 17.2% and adjusted fully diluted net earnings per share of $1.11, up 8.8%
– Returned $222.5 million to shareholders through share repurchases
– Opened or converted three stores in the quarter
“With regards to the strike at our produce distribution centre in Laval which began on March 30th, we look forward to a resolution that considers the needs of our employees and customers to ensure the long-term competitiveness of our company. This labour dispute will have an impact on our third quarter results and we will provide further details in due course. We remain focused on providing value to our customers and on driving growth through the expansion of our discount banners with the planned opening of about a dozen new or converted stores in this fiscal year while realizing efficiency gains throughout our supply chain and store network. We are confident that our effective merchandising programs, strong private label offering, our Moi program, a consistent execution at store level as well as our ongoing collaboration with our supply chain partners will allow us to continue to grow and deliver long-term shareholder value,” said the company.
With annual sales of more than $22 billion, METRO is a food and pharmacy leader in Québec and Ontario, providing employment to more than 97,000 people. As a retailer, franchisor, distributor, manufacturer, and provider of eCommerce services, the company operates or services a network of some 1,000 food stores under several banners including Metro, Metro Plus, Super C, Food Basics, Adonis and Première Moisson, and 640 pharmacies primarily under the Jean Coutu, Brunet, Metro Pharmacy and Food Basics Pharmacy banners.
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