Canadian grocery retailer Metro Inc has reported a 12.7% increase in quarterly earnings, helped by new merchandising programmes implemented in the second quarter.
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The company reported net earnings of C$45.2m (US$38.0m), or 47 cents per share, for the fourth quarter to 25 September, compared to $40.1m, or 40 cents per share, in the same quarter of the previous year. Sales rose 4.6% to $1.4bn, while same-store sales were up 2.7%.
Net earnings for the fiscal year ended 25 September were $168.8m, or $1.72 per share, compared to $166.8m, or $1.67 per share, in the previous year. Full-year sales rose 4% to $6.0bn, despite low inflation in retail food prices. Same-store sales for the year rose 0.5%.
“We are pleased to announce that the company has achieved net earnings growth for a 14th consecutive year. The key to this strong performance lies in effective merchandising, an important retail investment programme and the commitment of its retailers, employees and partners. We are confident that these elements will continue to ensure positive results in the next fiscal year,” said president and CEO Pierre Lessard.
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