UPDATE 2-Metro profit rises on strong sales
Posted on 2:52 PM, under Earnings, economy, inspriration, Perception
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TORONTO, Jan 27 (Reuters) - Metro Inc, Canada's third-largest grocer, said on Tuesday quarterly profit rose, helped by strong sales in Quebec and an improved performance in Ontario, where it united its stores under the Metro banner.
The company said it earned C$81.1 million ($65.9 million), or 73 Canadian cents a share, up from C$73.8 million, or 64 Canadian cents a share for the comparable period.
Excluding some items including an income tax expense, earnings came in at C$84.1 million, or 76 Canadian cents a share, up from C$62.4 million, or 54 Canadian cents a share.
Sales rose to C$2.6 billion from C$2.51 billion.
Analysts on average had expected earnings of 64 Canadian cents a share and revenue of C$2.58 billion, according to Reuters Estimates.
'They have rebounded from a tough quarter a year ago, both from the internal issue and perspective and from a competitive perspective,' said David Hartley, an analyst at BMO Capital Markets.
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The company said it earned C$81.1 million ($65.9 million), or 73 Canadian cents a share, up from C$73.8 million, or 64 Canadian cents a share for the comparable period.
Excluding some items including an income tax expense, earnings came in at C$84.1 million, or 76 Canadian cents a share, up from C$62.4 million, or 54 Canadian cents a share.
Sales rose to C$2.6 billion from C$2.51 billion.
Analysts on average had expected earnings of 64 Canadian cents a share and revenue of C$2.58 billion, according to Reuters Estimates.
'They have rebounded from a tough quarter a year ago, both from the internal issue and perspective and from a competitive perspective,' said David Hartley, an analyst at BMO Capital Markets.
Read the rest of the story......
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