Canadian retail group Metro has announced in a news statement record results for the fourth quarter and fiscal year ended 25 September252010.

In the fourth quarter, the retailer achieved net earnings of C$93.4m, up 10.7 per cent or 8.7 per cent on an adjusted basis and sales of C$2.6bn, an increase of 1.1 per cent on the year-earlier period.

During fiscal 2010, the company’s net earnings reached C$391.8m, up 10.6 per cent on fiscal 2009, while sales rose 1.3 per cent to C$11.3bn, compared with the previous year.

“We are very satisfied with our 2010 financial results considering the challenges of persistent deflation in certain product categories and continuing consumer caution,” stated Eric R. La Flèche, Metro’s president and CEO.

“Dunnhumby Canada, our joint venture created in the fall of 2009, and our Metro & Moi loyalty program rolled out across Québec at the end of the fiscal year, laid the groundwork for a renewed customer-based approach that will allow us to differentiate ourselves in the coming years.

“Although the economic and competitive environments remain challenging, we are confident that we can continue to grow in 2011,” Mr La Flèche added.

The company said its sales increases in the fourth quarter and fiscal 2010 were achieved despite a slight drop in the value of its basket, whereas last year, high food price inflation and the temporary closing of several stores of a competitor due to a labour conflict had a positive impact on sales.

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