Quebec and Ontario supermarket operator Metro yesterday announced in a press release its first-quarter results for the period ended 18 December2010, during which sales fell by 0.5 per cent to C$2.6m and same-store sales were flat, compared with the year-earlier period.
The retailer said the results were the result of continued food deflation due mostly to increased competitive activity, as well as lower drug pricing.
Despite the sales hit, Metro assured that the company will remain competitive and growing through heavy investment in the retail food network, a successful Metro et Moi loyalty program through Quebec to match Air Miles in Ontario, and transportation and warehousing savings and tighter cost control.
“We grew adjusted net earning in the first quarter despite experiencing continued food deflation due mostly to increased competitive activity,” stated EricR.LaFlèche, Metro president and chief executive officer.
“The roll-out of our Metro&Moi loyalty program across Québec has met our objectives and we are confident that this program will allow us to differentiate ourselves in the years to come.”
Metro’s net earnings for the first quarter of 2011 fell by 6.2 per cent to C$92m, while fully diluted net earnings per share dipped 3.3 per cent to C$0.88, against the same quarter in 2010.
On an adjusted basis, the retailer’s 2011 first-quarter net earnings and fully diluted net earnings per share were up 3.7 per cent and 7.3 per cent respectively.
No comments yet