The Montreal-based grocer said it faces some temporary duplicate costs, learning curve inefficiencies and other impacts after opening a new automated distribution centre in Terrebonne, Que., last November. It is expecting similar challenges when it opens an automated fresh produce plant in Toronto next spring. (The Logic)
Talking point: The company expects adjusted net earnings for the year to be flat or down as much as 10 cents per share, though it anticipates a return to profitable growth after its 2024 financial year. Metro raised its quarterly dividend 10.7 per cent to 33.5 cents a share. In its latest quarterly results, Metro said net earnings fell 1.1 per cent, while sales were up 6.5 per cent to nearly $5 billion. CEO Eric La Flèche said in a statement that the company’s discount brands, which include Food Basics and Super C, continued to lead sales growth—a trend occurring across all of Canada’s major grocers as high inflation drives up food prices.