MONTREAL (FNS) -- Univa here is reclaiming its old corporate name, Provigo, in a move that underlines the company's renewed focus on its food business, Chairman Pierre Michaud told shareholders at the annual meeting last week. The change is effective immediately. The Univa name was adopted two years ago to reflect the company's diversification into nonfood sectors. However, the company recently sold its nonfood businesses. The last divestiture was Sports Experts, a chain of sporting goods stores. Michaud said the corporate name change, coinciding with the firm's 25th anniversary, was called "the best present we could give the company's founders." After the meeting, Michaud responded to unconfirmed reports
800 independent food retailers in northern California. It also owns 38 retail outlets under the Petrini's, New Deal, Cost Less Foods and Better Buy banners. Although the division has its problems, the company has no intention of selling it in the foreseeable future. Provigo Corp. president and chief executive Joseph Coulombe told SN after the annual meeting each division has to be redesigned and the retail divisions have serious problems. "They've been unable to withstand new competition and my mandate is to make each one work better." The parent company's first-quarter results, released at the annual meeting, showed a profit of $7.4 million for the three months ended April 23, versus $2.5 million a year ago. Sales amounted to $1.01 billion versus $1.03 billion a year earlier.