The launch is one of several big changes at the grocer in what president and CEO Eric La Flèche calls a “transition year” for the grocer.
The investments in new facilities, duplicate costs during the shift, and an impairment of assets related to withdrawing from Air Miles are among the factors that weighed on Metro’s second-quarter earnings as expected. But La Flèche said the changes are setting the company up for strength and growth in fiscal 2025.“We’re going to see lower expenses next year, for sure.”
RBC analyst Irene Nattel said in a note the results were consistent with the company's guidance for the year as it executes on the final phases of investments in infrastructure and automation. Sales in the second quarter totalled $4.66 billion, up from $4.55 billion in the same quarter last year.