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METRO reports 2021 first quarter results

Eine Metro-Filiale in Indien. © VasukiRao / iStock Unreleased / Getty Images Plus / Getty Images http://www.gettyimages.de

Canada NewsWire

MONTRÉAL, Jan. 26, 2021

MONTRÉAL, Jan. 26, 2021 /CNW Telbec/ - METRO INC. (TSX: MRU) today announced its results for the first quarter of fiscal 2021 ended December 19, 2020.

2021 FIRST QUARTER HIGHLIGHTS

Sales of $4,278.2 million, up 6.2%
Food same-store sales up 10.0%
Pharmacy same-store sales up 1.3%
Net earnings of $191.2 million, up 12.3% and adjusted net earnings⁽¹⁾ of $197.7 million, up 9.3%
Fully diluted net earnings per share of $0.76, up 13.4%, and adjusted fully diluted net earnings per share⁽¹⁾ of $0.79, up 11.3%
Negative impact of about $0.05 per share due to the labour conflict at our Jean Coutu distribution center
Expenses related to COVID-19 totalling $28 million
Declared dividend of $0.25 per share, up 11.1%

12 weeks / Fiscal Year

(Millions of dollars, except for net earnings per share)

2021

ARIVA.DE Börsen-Geflüster

Kurse

Metro

52,90 €

+0,92%

2020

Change (%)

Sales

4,278.2

100.0

4,029.8

100.0

6.2

Operating income before depreciation
and amortization

399.2

9.3

363.1

9.0

9.9

Adjusted operating income before depreciation
and amortization⁽²⁾

399.2

9.3

370.6

9.2

7.7

Net earnings

191.2

4.5

170.2

4.2

12.3

Fully diluted net earnings per share

0.76

—

0.67

—

13.4

Adjusted net earnings⁽¹⁾

197.7

4.6

180.9

4.5

9.3

Adjusted fully diluted net earnings per share⁽¹⁾

0.79

—

0.71

—

11.3

PRESIDENT'S MESSAGE

"We are pleased with our first quarter results, delivering continued strong food sales with good operating leverage, while working through an 8-week labour conflict at our Jean Coutu distribution center. Our contingency plan enabled us to successfully maintain the supply of medication to over 400 pharmacies. We are now back to normal operating conditions in the distribution center. I want to again sincerely thank all our front-line staff who continue to deliver the essential services of food and pharmacy to our communities during this challenging lockdown period. Our first priority remains the safety of our employees and our customers", declared Eric La Flèche, President and Chief Executive Officer.

OPERATING RESULTS

SALES

Sales in the first quarter of Fiscal 2021 reached $4,278.2 million, up 6.2% compared to $4,029.8 million in the first quarter of Fiscal 2020. Food same-store sales were up 10.0% (1.4% in 2020). Online food sales increased by about 170% versus last year. Our food basket inflation was approximately 2.5% (2.0% in 2020). Pharmacy same-store sales were up 1.3% (3.6% in 2020), with a 4.0% increase in prescription drugs and a 3.8% decrease in front-store sales, mainly due to lower traffic, the milder cold and flu season, and reduced promotional activity during the labour conflict. Our warehouse sales to franchisees were impacted by the labour conflict at our Jean Coutu distribution center which had a dampening effect on the total sales increase of the Corporation.

OPERATING INCOME BEFORE DEPRECIATION AND AMORTIZATION

This earnings measurement excludes financial costs, taxes, depreciation and amortization.

Operating income before depreciation and amortization for the first quarter of Fiscal 2021 totalled $399.2 million, or 9.3% of sales, up 9.9% versus the corresponding quarter of last year. In the first quarter of Fiscal 2020 we recognized a loss of $7.5 million on disposal of our subsidiary MissFresh. Excluding this item, adjusted operating income before depreciation and amortization⁽²⁾ for the first quarter of Fiscal 2021 increased by 7.7% versus the first quarter of last year.

Operating income before depreciation and amortization adjustments (OI)⁽²⁾

	12 weeks / Fiscal Year
	2021			2020
(Millions of dollars, unless otherwise indicated)	OI	Sales	(%)	OI	Sales	(%)
Operating income before depreciation and amortization	399.2	4,278.2	9.3	363.1	4,029.8	9.0
Loss on disposal of a subsidiary	—			7.5
Adjusted operating income before depreciation and amortization⁽²⁾	399.2	4,278.2	9.3	370.6	4,029.8	9.2

Gross margin on sales for the first quarter of Fiscal 2021 was 19.7% versus 19.6% for the corresponding quarter of 2020.

Operating expenses as a percentage of sales for the first quarter of Fiscal 2021 were 10.4% versus 10.6% (10.4% excluding the loss on disposal of our subsidiary MissFresh) for the corresponding quarter of Fiscal 2020. The costs related to COVID-19 for the first quarter of Fiscal 2021 were approximately $28 million including $8 million of gift cards to front-line employees.

DEPRECIATION AND AMORTIZATION AND NET FINANCIAL COSTS

Total depreciation and amortization expense for the first quarter of Fiscal 2021 was $107.3 million, versus $101.5 million for the corresponding quarter of Fiscal 2020.

Net financial costs for the first quarter of Fiscal 2021 were $31.4 million compared with $31.1 million for the corresponding quarter of Fiscal 2020.

INCOME TAXES

The income tax expense of $69.3 million for the first quarter of Fiscal 2021 represented an effective tax rate of 26.6% compared with an income tax expense of $60.3 million in the first quarter of Fiscal 2020 which represented an effective tax rate of 26.2%.

NET EARNINGS AND ADJUSTED NET EARNINGS⁽¹⁾

Net earnings for the first quarter of Fiscal 2021 were $191.2 million compared with $170.2 million for the corresponding quarter of Fiscal 2020, while fully diluted net earnings per share were $0.76 compared with $0.67 in 2020, up 12.3% and 13.4%, respectively. Excluding the specific items shown in the table below, adjusted net earnings⁽¹⁾ for the first quarter of Fiscal 2021 totalled $197.7 million compared with $180.9 million for the corresponding quarter of Fiscal 2020, and adjusted fully diluted net earnings per share⁽¹⁾ amounted to $0.79 versus $0.71, up 9.3% and 11.3%, respectively. The impact of the labour conflict at the Jean Coutu distribution center was approximately $0.05 per share resulting from lower revenues and additional costs incurred to implement our contingency plan.

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