Shares in Metro Inc closed up yesterday (16 November) after the Canadian retailer reported a "strong" end to its financial year.

Metro booked a 7.5% increase in adjusted net earnings to C$100.4m (US$98m) for the 12 weeks to 24 September. The adjusted figure excluded costs linked to store closures. Including those charges, net earnings slid 7.8% to C$86.1m.

Adjusted EBITDA climbed 3.9% to C$192.9m; reported EBITDA fell 7% to C$172.7m.

However, president and CEO Eric La Flèche said Metro was pleased with its fourth-quarter results, which included a 3.8% hike in sales to C$2.66bn and a 3.2% increase in same-store sales.

"We are pleased with our fourth quarter results, recording our strongest sales and adjusted net earnings growth of fiscal 2011 in a market that remains very competitive," La Flèche said.

Metro shares on the Toronto Stock Exchange finished up 2.02% at C$50.50.

For the year, Metro reported a 4.8% increase in adjusted net earnings to C$400.6m. Reported net earnings were down 1.4% at C$386.3m. EBITDA slipped 1.7% to C$773.4m, although adjusted EBITDA increased 0.7% to C$793.6m. Sales grew 0.8% C$11.43bn.