Canadian retailer Metro Inc has today (9 August) posted a rise in third-quarter net profits on the back of increased sales.
Net earnings for the quarter ending 30 June increased 13.6% to C$144.4m (US$225.6m). EBITDA climbed 10.3% to C$272.2m. Sales edged up 3.8% to C$3.7bn, while same store sales edged up 1%.
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The company said it experienced “modest inflation” during the quarter, which was lower than the two previous quarters.
Gross margins for the third-quarter were 18.3%, up from 18.2% in the same period last year. Metro’s merchandising strategies and the Adonis stores contributed to the increase, the company said.
Metro president and CEO Eric La Flèche said: “We are very pleased with our strong third quarter results, which reflect our efficient merchandising programmes, excellent cost control and strong execution by the Metro team. Despite increasing competition, we are confident that we can continue on our growth path.”
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