Investment Update | Review + Outlook
We are upgrading our view on Metro. Q2 results showed sales, net earnings and tonnage growth against a backdrop of food deflation and intense competition. The growth was reflective of effective execution and strong expense control and we now believe that MRU can continue this growth path over the next few quarters as food deflation eases.
Metro is a food retailer and distributor that operates supermarkets, discount stores and drugstores in Canada. Co. operated 343 supermarkets under the Metro and Metro Plus banners, nine stores under the Adonis banner, and 213 discount stores under the Super C and Food Basics banners. Co. also acts as a distributor for medium-surface food stores and convenience stores. Co. also acts as franchisor and distributor for 181 franchised Brunet Plus, Brunet, Brunet Clinique, and Clini Plus drugstores, owned by independent pharmacists; and operated 73 drugstores under the Metro Pharmacy and Drug Basics banners. Co. also supplies non-franchised drugstores and various health centres.
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