Canadian supermarket chain Metro has posted lower quarterly profit, amid increased competition from Sobeys and Loblaw.
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Metro posted earnings of C$35.2m (US$26.8m), or 36 cents per share, for the second-quarter to 13 March, compared to earnings of $37.3m, or 37 cents per share, for the year-ago period. The company’s lower earnings results followed 53 consecutive quarters of net earnings growth, reported Reuters. Analysts had been expecting, on average, earnings of 40 cents per share.
Revenues increased 4.2% to $1.27bn from $1.22bn in the year-ago quarter. The company said same-store sales were stable.
The company has faced heightened competition in its stronghold of Quebec, as Sobeys and Loblaw increased their presence there.
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