Metro's third-quarter results featured a 1.4% sales increase and adjusted EPS of CAD 1.24 (down 18.4%). Food same-store sales fell 1.5%, while pharmacy same-store sales grew 4.8%. Gross margin contracted 100 basis points from an ongoing labor strike at its Laval produce distribution center.
Accelerated efficiency gains and labor savings from Metro’s newly automated distribution centers could drive gross margin expansion beyond our forecast.
A lack of international scale leaves Metro vulnerable to aggressive price competition from scaled mass merchant rivals such as Walmart and Costco, potentially accelerating share losses beyond our 70-basis-point forecast.
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Metric
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MRU
|
L
|
AMZN
|
|---|---|---|---|
Price/Earnings (Normalized) | 19.13 | 26.05 | 36.10 |
Price/Book Value | 2.73 | 6.67 | 5.05 |
Price/Sales | 0.86 | 1.16 | 3.62 |
Price/Cash Flow | 12.15 | 12.52 | 14.68 |
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Metric
|
MRU
|
L
|
AMZN
|
|---|---|---|---|
Quick Ratio | 0.54 | 0.18 | 0.87 |
Current Ratio | 1.43 | 1.06 | 1.03 |
Interest Coverage | 8.49 | 6.25 | 52.28 |
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Metric
|
MRU
|
L
|
AMZN
|
|---|---|---|---|
Return on Assets (Normalized) | 6.81% | 6.58% | 10.39% |
Return on Equity (Normalized) | 14.17% | 24.61% | 20.90% |
Return on Invested Capital (Normalized) | 9.48% | 11.09% | 14.69% |
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