Metro (MRU) Q2 2026 earnings summary

Executive summary

• Q2 sales reached CAD 5.1 billion, up 4.1% year-over-year, driven by new store openings, same-store sales growth, and a calendar shift.

• Pharmacy segment maintained robust momentum, with same-store sales up 5.1% year-over-year.

• Strong performance in discount banners and pharmacy, with private label and promotional activity supporting margins.

• Online sales surged 19.8%, fueled by third-party marketplaces and expanded click-and-collect services.

• Addressed operational challenges from a strike at the Laval produce distribution center, with contingency plans ensuring stores remain stocked.

Financial highlights

• Gross margin was CAD 1.03 billion or 20.1% of sales, up from 20% last year, aided by productivity gains.

• EBITDA reached CAD 508.6 million (9.9% of sales), up 10.3% year-over-year; adjusted EBITDA (excluding CAD 20.1 million gain) was CAD 488.5 million, up 6%.

• Adjusted net earnings were CAD 236.5 million, up 4.4%; adjusted EPS was CAD 1.11, up 8.8%.

• Net earnings for Q2 2026 were CAD 246.6 million, up 12.1% year-over-year; fully diluted EPS was CAD 1.16, up 17.2%.

• Operating expenses were CAD 538.9 million, up 3.4% year-over-year, representing 10.5% of sales.

Outlook and guidance

• Confident in continued growth through merchandising, private label, loyalty programs, and supply chain partnerships.

• Strike in Québec/Laval expected to impact Q3 results; contingency plans in place to mitigate disruption.

• Plans to open or convert about a dozen new stores in fiscal 2026, focusing on discount banners and efficiency gains.