Canadian retailer Metro has posted a 12.1 per cent growth in profits for the second quarter of 2012 on the back of an upturn in sales at its majority-owned ethnic food retailer Marché Adonis.
In the second quarter ended 10 March, Metro said its profits increased to C$96.1m (US$97.1m) thanks to a 3.7 per cent rise in sales to C$2.65bn (US$2.68bn) and improved margins.
Adonis stores and distributor Phoenicia’s second-quarter sales contributed C$59m (US$59.7m) to Metro’s overall sales.
“We are pleased with our strong second quarter performance and our first-half results are encouraging as we continue to grow,” stated Metro’s president and CEO, Eric R. La Flèche, in a press release.
“Consumers remain cautious and we are confident that our customer-focused strategies will continue to deliver the great value that they are looking for in all of our banners.”
Metro is Canada’s third-largest retailer and the company bought a 55 per cent stake in Adonis last October.
La Flèche said the company hopes to open a new Adonis store during autumn (fall) this year, before expanding the Quebec-based banner into Ontario in 2013.
