The grocery and drugstore retailer says it will now pay a quarterly dividend of 30.25 cents per share, up from 27.5 cents per share
The first of Canada's big three grocers to release earnings this year is reporting a double digit increase in profits and a 10 per cent dividend hike for a period that saw food prices rise at the fastest pace in decades.
Grocery inflation during the same period from Sept. to Dec. ping-ponged between 11 per cent and 11.4 per cent, according to Statistics Canada. "In 2022, Metro received more than 27,000 price increases averaging more than 10 per cent from suppliers for dry groceries alone — nearly three times the annual average," Metro CEO Eric La Flèche said during an annual meeting of shareholders on Tuesday.
Metro's grocery network of about 975 stores includes full-service supermarkets like Metro Plus and Adonis, discount stores like Super C in Quebec and Food Basics in Ontario, and neighbourhood and specialty stores like Marché Richelieu, Marché Ami and Première Moisson.
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