News

Metro Shares Fall as Adjusted Earnings Miss Expectations

1 Mins read

Shares of Metro were trading lower Wednesday morning after the company released its fiscal fourth quarter earnings report. Despite reporting in-line revenue, the company’s adjusted earnings fell short of expectations.

At 10:04 a.m. ET, shares were down 7% at 70.32 Canadian dollars ($51.35).

According to a poll on FactSet, Metro reported adjusted earnings of C$0.99 per share, below the C$1.07 per share that analysts were anticipating.

The company attributed this shortfall to employee strikes across the Greater Toronto Area during the summer, which cost the company approximately C$0.12 per share during the quarter.

However, Scotiabank analyst George Doumet noted in a report that when adjusting for the strike’s impact, earnings per share would have exceeded market expectations.

Gross margin for the quarter came in at 19.5%, missing Scotiabank’s forecast of 20.3%. This represents a 90 basis points decrease year-over-year.

Doumet commented, “The decline in gross margin reflects C$36.3 million in lost profits and direct costs related to the strike at 27 Greater Toronto Area stores, as well as a decline in food gross margin.”

Related posts
News

Bitcoin Hits Record $113K as $575M in Shorts Get Liquidated - TokenPost

1 Mins read
Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, soared to a new all-time high of $113,541 on the Bitstamp exchange at…
News

Govt enacts law to regulate VAs, plans pilot for digital currency - Daily Times

2 Mins read
The Virtual Assets Act, 2025 creates the Pakistan Virtual Asset Regulatory Authority (PVARA), a new autonomous regulator to supervise the virtual asset…
News

Funeral home owner accused of stashing decaying bodies expected to plead guilty in federal court

1 Mins read
DENVER – A funeral home owner in Colorado accused of storing nearly 190 decomposing bodies in a room-temperature building and defrauding the…

Leave a Reply

Your email address will not be published. Required fields are marked *