The Montreal-based grocery owner’s revenues were up 3.3 per cent in 2022.
The annual bonuses of the five top executives at Metro increased 13.7 per cent as inflation in food prices gave a boost to the grocery giant.
The five executives shared $13.2 million in total compensation in the year ending Sept. 24, according to regulatory documents published by the company. It’s a four per cent increase from the same period a year earlier. The bonus component of that compensation was $3.7 million, an increase of 13.7 per cent.
Metro chief executive Eric La Flèche received $5.4 million in total compensation, an increase of 6.8 per cent, with $1.5 million in annual bonus pay, an increase of 15 per cent.
In a circular to shareholders, Metro said the board of directors established “high sales targets” to determine the amounts of the bonuses, and those targets were surpassed in the second half of the fiscal year thanks to significant inflation in food prices that increased sales and pushed more consumers toward discount stores.
Revenues for the company, which includes Metro, Jean Coutu and Super C stores, reached $18.9 billion in 2022, an increase of 3.3 per cent. Net earnings increased 2.9 per cent to reach $849.5 million.
In September, food price inflation reached 10.3 per cent across the country, according to Statistics Canada data.
Metro’s profit margin remained stable at 20.4 per cent, the same level as the previous year. Before the pandemic, it was 20.2 per cent.
It was announced in October that Canada’s large grocery chains are being studied by the Competition Bureau.
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