MONTREAL — Metro Inc. here on Tuesday said net earnings when adjusted for conversion expenses increased by 10%, while sales were up by 3.7% and same-store sales climbed 3.5% during the fiscal first quarter, which ended Dec. 20.
The results accompanied improvements in EBITDA and gross margin, indicating a continued recovery from intense price competition and distribution issues that hurt the company’s performance a year ago, officials said.
Performance at Ontario stores converted to the Metro banner were “encouraging” said Eric LaFleche, president and chief executive officer, noting that 67 of the 159 stores slated for conversion to the Metro banner were complete as of last week.
Sales for the quarter totaled $2.1 billion (U.S.). Net earnings adjusted for non-recurring factors were $66 million (U.S.). “Our growth in both sales and net earnings reflects our strong performance in Quebec and a marked improvement in our Ontario results,” said LaFleche.
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