MONTREAL – Supermarket chain Metro beat analyst expectations as it benefited during the second quarter from a “slight” increase in its prices for the first time in a year.
The Montreal-based company earned $96.9 million in the period ended March 15, down from $362.7 million a year ago when Metro had a $266.4 million gain from the partial sale of its investment in Alimentation Couche-Tard (TSX:ATD.B).
Excluding this and the sale of a Quebec warehouse, Metro’s (TSX:MRU) latest results were slightly above last year’s second-quarter adjusted net earnings of $96.4 million.
Adjusted earnings from continuing operations were $1.07 per share, up from 98 cents per share last year and five cents per share above analyst estimates.
Overall sales were up 1.7 per cent to $2.55 billion as same-store sales — a key retail measure of sales for stores open at least a year — increased by one per cent.
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