Canadian retailer Metro Inc has reported higher annual profits – and seen sales in its most recent quarter outstrip rival Loblaw.
Metro’s full-year earnings were boosted by its acquisition of local rival Marché Adonis and higher sales from existing stores.
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It also yesterday (14 November) reported an increase in fourth-quarter same-store sales. Loblaw booked a fall in same-store sales for the third quarter of the year.
Metro’s annual net earnings were up 24.6% to C$489.3m (US$488.7m) for the year to 29 September. Excluding a gain from its investment in c-store retailer Couche-Tard and costs filed last year from asset closures, Metro reported a 15.6% rise in profits to C$470.6m.
Sales were up 5.4% to C$12.01bn, thanks in part to the contribution of Adonis, which Metro acquired last year, and the impact of an extra week in the financial year. Nevertheless, same-store sales increased 1.2%.
Fourth-quarter same-store sales were up 1.1%. Metro rival Loblaw yesterday reported its results for the third quarter its financial year. Its same-store sales in the three months to the end of September fell 0.2%.
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