Canadian grocery retailer Metro has posted a fall in third-quarter profit as a result of increased competition in Quebec.
The Montreal-based company posted earnings of C$50.8m (US$38.5m), or 51 cents per share, for the third quarter to 3 July, compared to $52.4m, or 53 cents per share, in the year-ago period. Analysts had been expecting, on average, earnings of 54 cents per share, reported Reuters.
Metro said its revenue increased to $1.8bn, compared to $1.7bn a year earlier, helped by higher sales of food and pharmaceuticals. Same-store sales for the third quarter edged up 0.2%.