MONTREAL (FNS) -- Metro-Richelieu here said its earnings rose 60.3% to $7.9 million in the 12-week fourth quarter ended Sept. 25. Sales during the quarter rose 18.1% to $693 million. These figures reflect sales and income from the 40 Loeb stores in Ontario Metro-Richelieu acquired last June.
998. That acquisition represents Metro-Richelieu's first foray into the Ontario market.
Capital expenditures for the year amounted to $60 million, primarily for the improvement of the company's retail operations. Independent retailers, who buy from Metro-Richelieu's wholesale operations, spent another $41 million on store improvements.
The result was Metro-Richelieu completed major renovations in 23 stores, expanded 24 stores and opened eight stores, adding more than 420,700 square feet to the retail network in fiscal 1999. After store closings, the net increase was 230,000 square feet.
In the coming fiscal year, Metro-Richelieu has budgeted more than $65 million for capital expenditures.
