07:40 AM EDT, 08/14/2024 (MT Newswires) -- Metro (MRU.TO) on Wednesday reported that third-quarter adjusted profit dipped while sales rose.

The grocery chain said adjusted net earnings fell 3.1% to $305 million, or $1.35 per diluted share, compared with $315 million, or $1.35 per diluted share, last year.

Quarterly sales rose 3.5% to $6.65 billion, from $6.43 billion, driven by higher sales in its retail network. Metro's food basket inflation was slightly lower than the reported CPI for food purchased from stores of 1.1%.

Metro has completed the transition to the new automated Terrebonne distribution centre. However, that, and the launch of the final phase of its automated fresh distribution centre in Toronto, is causing "significant" headwinds in Fiscal 2024.

Metro is forecasting adjusted net earnings per share to be flat to down $0.10 in Fiscal 2024 and expects to resume its profit growth post Fiscal 2024. It is maintaining its annual growth target of between 8% and 10% for net earnings per share over the medium and long term.

The company will pay a quarterly dividend of $0.3350.