Q3 2024 Metro Inc Earnings Call Transcript
Key Points
- Total sales increased by 3.5% year-over-year, reaching $6.65 billion.
- Same-store sales were up 2.4% in food and 5.2% in pharmacy.
- Online sales grew by 35% compared to the same quarter last year.
- The Moi Rewards program saw significant growth, doubling active members to 2.5 million.
- The new automated distribution centers in Terrebonne and Toronto are ramping up productivity as planned.
- Operating expenses increased by 4.8% year-over-year, partly due to higher third-party e-commerce fees.
- Adjusted net earnings decreased by 3.1%, from $314.8 million to $305 million.
- Net financial costs rose to $46.6 million from $37.1 million last year, driven by higher debt levels and interest rates.
- The gross margin remained flat at 19.6%, indicating pressure on profitability.
- Shrink and theft continue to be significant issues, impacting overall margins.
Good morning, ladies and gentlemen, and welcome to the Metro Inc.'s 2024 third-quarter results conference call. (Operator Instructions)
Also note that this call is being recorded on Wednesday, August 14, 2024. And I would like to turn the conference over to Sharon Kadoche, Director, Investor Relations and Treasury. Please go ahead.
Thank you, Sylvie. Good morning, everyone, and thank you for joining us today. Our comments will focus on the financial results of our third quarter, which ended on July 6.
With me today is Mr. Eric La Flèche, President and CEO; François Thibault, Executive VP and CFO; Marc Giroux, COO, Food; and Jean-Michel Coutu, President of the Pharmacy division. During the call, we will present our third quarter results and comment on its highlights. We will then be happy to take your questions.
Before we begin, I would like to remind you that we will use in today's discussion different statements that could be construed as forward-looking
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