Canadian retailer Metro Inc has booked a 12% increase in second-quarter profits, boosted by the contribution from majority-owned ethnic food retailer Adonis.
In an earnings update today (18 April), Metro said that profit rose to C$96.1m (US$97.1m) on the back of a 4% increase in sales and improved margins. Second-quarter gross margins rose to 18.8% from 18.4% a year ago, the company added.
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Revenue rose to $2.65bn, and Adonis – in which Metro took a 55% stake in October – contributed $59m to total sales.
“We are pleased with our strong second-quarter performance and our first-half results are encouraging as we continue to grow,” Metro president and CEO Eric La Fleche said.
Click here for the full earnings release.
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