Metro Inc Releases its Q3 Financial Report
MONTREAL, QC – Metro Inc. announced sales at its supermarkets growing in what the company called an “intensely competitive” environment.
“We are satisfied with our third quarter results achieved in an environment that remains challenging,” said Metro CEO Eric La Fleche in a statement.
Sales were up 1.4% to $3.62 million from $3.57 million year-over-year. The Times Colonist reports that this increase was helped by the reorganization of the company’s Ontario stores. Also, sales in the first 40 weeks of fiscal 2014 totaled $8.88 million versus $8.79 million in 2013, which is an increase of 1%.
Shares in the company closed down $1.79, or 2.5%, to $69.51 on the Toronto Stock Exchange.
RBC Dominion Securities analsyst Irene Nattel said Metro’s results were in line with expectations. “Overall we would say management’s tone was better than prior quarters as MRU (Metro) strategies are gaining traction and relative performance is improving as well,” she wrote after the company’s quarterly earnings call.
Metro is Canada’s third-largest supermarket chain. It faced increased competition from Loblaws, Sobeys, as well as Target and Wal-Mart expansions.
