According to reports in Canada, grocery chain Metro is talking down competition from Wal-Mart Stores.
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Metro chief executive officer Pierre Lessard told the Globe and Mail: “The way we look at them is that they’re another competitor. Our reaction is the same as to any large food operator opening new stores.”
Metro’s sales dipped 0.3% to CAD$2.5bn (US$2.11) in the first quarter of 2007, while the Canadian retailer boosted adjusted net earnings by 44.4%.
The company had net earnings of $67.9m compared to $32m the previous year, an increase of 112.2%. Fully diluted net earnings per share reached $0.58, up 107.1% from $0.28 in Q1 2006.
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