Canadian grocery retailer Metro has reported a 6.5% increase in quarterly net earnings.

The company posted net earnings of C$37.6m (US$28.7m) for the first quarter to 20 December, compared to $35.3m a year earlier.

Sales increased 3% in the first quarter to $1.35bn, compared to $1.31bn in the same quarter last year. The food sector accounted for 2.6% of the overall increase in sales.

Metro said the sales increase was attributable to its ongoing retail network investment programme, merchandising strategies and to the acquisition, at the end of third quarter of last fiscal year, of grocery distributor Alexandre Gaudet.

Same-store sales slid 0.5% due in part to strong sales in the first quarter of 2003 resulting from special promotions that were not repeated in the first quarter of 2004, the company said.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.