Canadian grocer Metro Inc’s shares rose after a first-quarter spike in profits, revenue and like-for-like sales.
Yesterday (31 January), shares went up 2.97% to C$54.74 at close of trading after the retailer released figures for the quarter ended 17 December.
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Net earnings rose 8.6% to C$103.7m (US$102.9), while sales hit $2.71bn, up 3.4%. Same store sales up were up 1.7% for the quarter.
Metro said its results were bolstered by its majority stake purchase of ethnic food retailer Marché Adonis and Marché Adonis’s distributor, Phoenicia, which took place in October.
Eric La Flèche, president and CEO, said: “We are pleased with our first quarter results as we continue to grow in a highly competitive market. Our customer-focused strategies and programmes supported by a strong execution, together with our new Adonis partnership, fuelled our results and we are confident they will allow us to continue our growth.”
The company said it experienced moderate inflation in the first quarter, but lower than in the previous quarter.
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