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.
Metro Inc., the first of Canada’s big three grocers to release earnings this year, reported Tuesday a double-digit increase in profits and a 10 per cent dividend hike following a period that saw food prices rise at the fastest pace in decades.
“This high inflation over the past several months is difficult for everyone to accept, but it is a global reality Canada is faring better than most countries.” Metro, which operates both supermarkets and drugstores, reported net income of $231.1 million in its first quarter, up 11.3 per cent from $207.7 million in the same quarter a year ago.
Metro’s internal food basket inflation was 10 per cent, more than one percentage point below overall grocery inflation as measured by Statistics Canada’s consumer price index for the period. “Any time there’s high inflation or rapid inflation like we’ve seen, you do see some increases in theft,” La Flèche said, noting that the uptick varies between different stores and markets.
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