Metro profits up 5%

Metro profits up 5%

Canadian retailer Metro Inc has booked a 5.5% rise in underlying quarterly earnings despite falling food prices weighing on sales.

The company said yesterday (26 January) that its adjusted net earnings reached C$88.7m (US$83.3m) for the three months to 19 December.

Revenue was up 1.7% to C$2.65bn, with same-stores sales "stable".

President and CEO Eric La Flèche said Metro was "pleased" with the company's results, which had bettered last year's "excellent" first quarter.

"Customer count continued to rise, but our basket size was smaller than last year as we experienced deflation in certain product categories," La Flèche said.

Metro shares closed up 1.9% at C$39.92 on the Toronto Stock Exchange overnight.