Grocer Metro Inc. reports fourth-quarter profit up from year ago, sales higher

MONTREAL — Metro Inc. says it earned $154.9 million in its fourth quarter up from $145.0 million a year ago.

The grocer (TSX:MRU) says the profit amounted to 66 cents per diluted share for the quarter which included an extra week compared with the fourth quarter last year when it earned 60 cents per diluted share.

Sales totalled $3.23 billion, up from $2.93 billion, while same store sales gained 0.4 per cent.

Excluding the extra week and $2.5 million before taxes related to its acquisition of Quebec-based pharmacy chain Jean Coutu Group Inc. and the modernization of its distribution network in Toronto, Metro says its earnings would have been similar to last year, while diluted net earnings per share would have been up 1.7 per cent.

Metro announced a friendly deal last month to acquire Jean Coutu Group in a $4.5-billion takeover offer.

The combined company will have more than 1,300 stores in Quebec, Ontario and New Brunswick and about $16 billion in annual revenues.

The Canadian Press

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