Metro Inc. has announced in a statement a 34.8 per cent rise in adjusted net earnings to a record C$84.1m in the first quarter of 2009 (excluding special costs linked to taxes and the revamp of its Ontario stores) boosted by strong sales in Québec and an improved performance in Ontario, where the company united its stores under the Metro banner.
Per fully diluted share, adjusted earnings rose by almost 41 per cent to C$0.76 compared with C$0.54 last year. Net earnings, which take in to account these special items, were C$81.1m in the first quarter of 2009 against C$73.8m in the same period of 2008, an increase of 9.9 per cent. On a per share basis, net earnings grew by 14.1 per cent to C$0.73, up from C$0.64 a share last year.
First-quarter sales grew by 3.7 per cent to some C$2.6bn, the company said, against C$2.5bn in the same period during the previous fiscal year. Excluding decreased sales of tobacco products and the effect of the non-renewal of a convenience store chain supply contract, the retailer’s 2009 first-quarter sales increased by 4.9 per cent, while same-store sales rose by 3.5 per cent.
“We are very pleased to have realized record net earnings in the first quarter of 2009. Our growth in both sales and net earnings reflects our strong performance in Québec and a marked improvement in our Ontario results,” Eric R. La Flèche, Metro president and CEO said in a statement.
“Our Ontario supermarket conversion plan is on schedule with 67 of the 159 stores converted to the Metro banner as of 23 January 2009 and results to date are encouraging,” Mr La Flèche added. “Despite the difficult economic environment, we are well-positioned in our markets and look forward to fiscal 2009 with confidence.”
