MONTREAL — Metro Inc. rode strong sales to a quarterly earnings performance that exceeded analyst expectations. In financial results for the second quarter ended March 14 announced Thursday, Metro posted net earnings of $61.8 million (U.S.) on sales of $2.1 billion. Earnings increased by 41.3% from the same period last year. Sales improved by 7.5% and same-store sales saw 7.3% growth. Earnings of 68 Canadian cents per share exceeded consensus estimates of 61 cents.
Eric La Fleche, president and chief executive officer, in a conference call said that improved merchandising and execution in stores, along with efficient spending, drove results.
Metro also announced Thursday that Robert Sawyer was named executive vice president and chief operating officer, a new position at Metro. Sawyer, a 30-year veteran of Metro, most recently served as senior vice president of the retailer’s Ontario division.
Johanne Choiniere, a senior vice president of merchandising in the Ontario division, was promoted to fulfill Sawyer’s former role.
Read More of Today's Headlines