Canadian grocer Metro Inc. reported slightly higher quarterly revenue as a reorganization of its Ontario store network helped increase sales in a competitive market.
Same-store sales rose 1 per cent.
Metro’s net income was flat at $144.5-million, or $1.63 per share in the third quarter.
Analysts on average had expected a profit of $1.64 per share, according to Thomson Reuters I/B/E/S.
The Montreal-based company’s revenue rose 1.4 per cent to $3.62-billion.
Metro, which is facing stiff competition from U.S. retailers such as Wal-Mart Stores Inc. and Target Corp., bought a majority stake in Quebec bakery product manufacturer and retailer Première Moisson in June.
In July, Canada’s Competition Bureau approved the sale of 13 stores and pharmacies owned by Canada’s largest grocer Loblaw Cos. Ltd. to Metro, Jean Coutu Group (PJC) Inc. and Remedy’s.
Metro’s shares closed at $71.30 on the Toronto Stock exchange on Tuesday. The company’s stock fell more than 1 per cent in the past 12 months up to Tuesday’s close.
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