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Canadian Retailer Metro Inc Has Reported Higher Annual Profits

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Core Tip: Canadian retailer Metro Inc has reported higher annual profits - and seen sales in its most recent quarter outstrip riva

Canadian retailer Metro Inc has reported higher annual profits - and seen sales in its most recent quarter outstrip rival Loblaw.

Metro's full-year earnings were boosted by its acquisition of local rival Marché Adonis and higher sales from existing stores.

It also yesterday (14 November) reported an increase in fourth-quarter same-store sales. Loblaw booked a fall in same-store sales for the third quarter of the year. 

Metro's annual net earnings were up 24.6% to C$489.3m (US$488.7m) for the year to 29 September. Excluding a gain from its investment in c-store retailer Couche-Tard and costs filed last year from asset closures, Metro reported a 15.6% rise in profits to C$470.6m.

Sales were up 5.4% to C$12.01bn, thanks in part to the contribution of Adonis, which Metro acquired last year, and the impact of an extra week in the financial year. Nevertheless, same-store sales increased 1.2%.

Fourth-quarter same-store sales were up 1.1%. Metro rival Loblaw yesterday reported its results for the third quarter its financial year. Its same-store sales in the three months to the end of September fell 0.2%.

METRO REPORTS GROWTH OF 27.8% IN 2012 FOURTH QUARTER ADJUSTED NET 

EARNINGS PER SHARE

(1)(Montreal, November 14, 2012) – METRO INC. (TSX : MRU) announced its results today for the fourth quarter and 

fiscal year ended September 29, 2012.

2012 FOURTH QUARTER HIGHLIGHTS

13-week quarter versus 12 weeks in 2011

Net earnings of $145.1 million, or $1.46 per share, up 75.9%

Adjusted net earnings (1) of $123.4 million, or $1.24 per share, up 27.8%

Sales of $2,943.7 million, up 11.1%

Same store sales up 1.1%

Declared dividend of $0.215 per share, up 11.7%

FISCAL 2012 HIGHLIGHTS

53-week fiscal year versus 52 weeks in 2011

Net earnings of $489.3 million, or $4.84 per share, up 27.7% 

Adjusted net earnings (1) of $470.6 million, or $4.65 per share, up 18.3%

Sales of $12,010.8 million, up 5.4%

Same store sales up 1.2%

 
 
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