Metro improves profits 24% amid higher grocery prices

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The Metro grocery province had a $139.8 million profit in the quarter ended Dec. 19, up 24.3 per cent from a year earlier.

Metro Inc.prognosticates same-store sales at locations open for at least a year were up 2.8 per cent and blanket sales for its fiscal first quarter were up 4.3 per cent, take off to $2.96 billion.

The grocery chain with 600 outlets bring to light inflation pushed the cost of groceries about 2.8 per cent favourable in the quarter. Food prices, especially the cost of fresh fruit and vegetables, secure been pushed higher by the low Canadian dollar.

The Montreal-based com ny attributed the betterment to improved merchandising strategies at its various banners.

It also got a boost from its investment in Alimentation Couche-Tard, the Montreal-based band that operates convenience stores and gas bars under the Circle K, Mac’s and Couche-Tard flags.

Metro’s share of Couche-Tard’s earnings was $30.6 million, up from $17.9 million a year earlier.

The actors says its profit for its first quarter of fiscal 2016 amounted to 56 cents per equity, both in net income and adjusted net income.

Its dividend will rise to 14 cents per familiar share for the March yment, up from 11.7 per share id Nov. 25 and up from .

A year elder, Metro’s fiscal first-quarter net income was $112.5 million or 43 cents per split while adjusted net income was $116.8 million or 45 cents per allocation.

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