Metro reports Q2 results, launches Moi Rewards in Ontario
Metro Inc. announced its results for the second quarter of Fiscal 2024 ended March 16, 2024.
The grocery retailer reported sales in the second quarter of Fiscal 2024 ended on March 16, 2024 were $4,655.5 million, up 2.2% versus the second quarter of the prior year which ended on March 11, 2023, driven by higher sales in the company’s retail network.
Food basket inflation was about 3.0%, down from 4.0% in the previous quarter.
Food same-store sales were up 0.2% in the second quarter of Fiscal 2024 (5.8% in the second quarter of 2023), and up 2.7% when adjusting for the Christmas shift. Pharmacy same-store sales were up 5.9% (7.3% in the second quarter of 2023), with a 6.0% increase in prescription drugs and a 5.8% increase in front-store sales, driven by a strong cough and cold season and effective merchandising strategies.
Sales in the first 24 weeks of Fiscal 2024 totalled $9,629.7 million, up 4.4% compared to $9,225.4 million for the corresponding period of 2023.
"We are pleased with our sales performance in the second quarter on top of a strong quarter last year and with inflation continuing to decline,” said Eric La Flèche, president and chief executive officer with Metro Inc. “Our results met our expectations as we completed the bulk of the transition to our new automated fresh and frozen facility in Terrebonne. Going forward our teams are focused on ramping up productivity and we are now gearing up for the launch of the final phase of our Toronto automated fresh facility this summer.
“Finally, we are announcing today the launch of our MOI Rewards program in our Ontario food stores later this year, which will provide even more savings to our customers. We are confident that our sustained investments in our supply chain, our retail networks and our digital capabilities will continue to create long term value for our shareholders.”
Moi Rewards will launch in all 275 Metro and Food Basics stores in Ontario later this year and will allow participants in the program to save on their grocery purchases by accumulating and redeeming points in-store and online, and to receive personalized promotions.
Jean Coutu Pharmacy customers in Ontario who already benefit from Moi Rewards will be able to accumulate more and redeem faster by combining their purchases across all participating banners.
There are currently over 2.5 million active Moi members in Quebec. Most recently, the 2024 Leger Wow Survey ranked Moi as the most widely used loyalty program in Quebec, with 79% of Metro customers actively engaged with the program.
"We are excited to expand the Moi Rewards program to the Ontario market for our Metro and Food Basics customers. Moi Rewards will be simple to use, personalized, and it will provide customers with great savings and choices in line with their personal tastes.", said Alain Tadros, vice-president and chief marketing officer and digital strategy with Metro.
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As part of the launch of Moi Rewards into Ontario, Metro will withdraw from the Air Miles Reward Program and will terminate its Thunder Bucks program later this year to introduce the Moi Rewards program across all its stores.
More details on the launch of the Moi Rewards program will be announced at a later date.
In the meantime, Air Miles will continue to be offered and redeemed at Metro stores in Ontario and Thunder Bucks will continue to be offered and redeemed in Thunder Bay Metro locations.
