The following is a summary of the Metro Inc. (MTRAF) Q3 2024 Earnings Call Transcript:
Financial Performance:
Q3 total sales reached $6.65 billion, a 3.5% increase from last year.
Same-store sales up: 2.4% in food and 5.2% in pharmacy.
Operating expenses were $681.7 million, up 4.8% from last year.
EBITDA totaled $620.2 million, representing 9.3% of sales.
Adjusted net earnings were $305 million; a 3.1% decrease from last year.
Repurchased 6,045,000 shares for $430 million under normal course issuer bid program.
Business Progress:
Opened six Super C stores and conducted major expansions and renovations of 7 stores.
Launched Moi Rewards Program in Quebec with over $65 million points redeemed.
New automated fresh and frozen facility in Terrebonne is now fully operational.
Final phase of Toronto automated fresh facility launched with gradual transfer of fresh categories.
Opportunities:
Food basket inflation continues to decelerate offering potential for increased consumer spending.
Expanding Moi Rewards Program into Ontario to potentially boost customer engagement and sales.
Risks:
Higher operating expenses and net financial costs primarily due to new distribution center start-ups and higher third-party e-commerce fees.
Continuation of food inflation and competitive market pressures.
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