CANADA: Tax break boosts Metro
A reduced tax bill has helped boost quarterly profits at Canadian grocer Metro Inc.
The company yesterday (29 January) posted a 2.7% rise in first-quarter net income to C$67.9m for the three months to 22 December.
Same-store sales were flat and Metro said an C$11.4m cut in its tax bill and helped improve its bottom line.
Meanwhile, Metro's president and CEO Pierre Lessard has agreed to become the company's executive chairman in April.
In November, Metro announced that Eric Richer La Flèche would replace Lessard.
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