Metro attempts to bolster its scale and brand equity by way of acquisition, but threats still loom.
No-moat Metro closed the books on fiscal 2017 with 3.0% top-line growth and flat operating margins growth to 5.9% of sales (adjusted for its 53rd week), which aligned with our model and places the firm in transition until next year. The bigger story is the firm's pending Jean Coutu acquisition, slated to close in fiscal 2018, which should bring additional scale, revenue diversification, increased exposure to the wellness trend, and synergies to combat what we consider an intense competitive envi...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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