Canadian grocery retailer Metro has reported a 13.5% increase in net earnings for the first quarter of fiscal 2005 compared to the year-ago period, on sales growth of 3.9%.
The company posted net earnings of C$38.6m (US$31.2m), or 40 cents per share, for the first quarter ended 18 December 2004, compared to $34m, or 34 cents per share, for the same quarter of the previous fiscal year. Sales increased to $1.45bn from $1.39bn a year earlier.
In its food segment sales rose 3.2%, as continuing strong competition was offset by the company’s merchandising strategies and retail investment programme. Same store sales rose 3% in the first quarter of fiscal 2005.
“We are confident that we will continue, in the coming quarters, to benefit from our merchandising strategies and retail investment programme aimed at maintaining its competitive position,” Metro said.