Canadian retailer Metro Inc has booked an increase in profits for the first 40 weeks of the year.

For the period to 3 July, net earnings increased 10.5% to reach C$298.4m (US$285.4m).

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Sales reached C$8.78bn, up 1.4% on the corresponding period of fiscal 2009.

“We are pleased with our third quarter results as they improved upon last year’s excellent third quarter, despite persistent deflation in certain product categories and continuing consumer caution,” said Eric La Flèche, president and CEO.

In the third quarter, Metro realised net earnings of C$120m, an increase of 6.6% over the same quarter last year.

Sales reached C$3.56bn compared to C$3.51bn last year, an increase of 1.4%. The increases were achieved despite a slight drop in the value of its basket, the firm said.

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Same-store sales declined 0.6% in the third quarter due to deflation in certain product categories.

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