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Metro Inc. boosted its quarterly dividend by 10.7 per cent as it reported an increase in sales for the first quarter of fiscal 2024.

For the three month period ended Dec. 23, the Quebec grocery giant reported $4.97 billion in sales — a 6.5 per cent increase from the prior year.

“Our discount food stores continue to grow their sales at a faster pace, private label penetration reached new heights and our MOI loyalty program now has 2.5 million members, double the size of Metro&Moi,” chief executive Eric La Flèche said in a press release.

The company’s net earnings were little changed at $228.5 million in the first quarter, down 1.1 per cent from 2023. Adjusted net earnings were $235 million, down 1.1 per cent.

Diluted net earnings were up 2.1 per cent to $0.99 per share, while adjusted fully diluted net earnings were $1.02 per share, up two per cent.

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The company declared a quarterly dividend of $0.3350 per share, an increase of 10.7 per cent from last year’s quarterly dividend.

The company will hold its annual general meeting of shareholders at 10 a.m. on Tuesday, followed by its first-quarter earnings call at 1:30 p.m.

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