A Metro grocery store in Toronto.Peter Power/The Globe and Mail
Metro Inc. says fourth-quarter net earnings dropped 7.8 per cent as it booked closure costs for two of its facilities.
The Montreal-based company reported profits of $86.1-million, a decline from $93.4-million a year earlier.
The results included a $20.2-million non-recurring charge for shuttering the operations of a meat processing plant in Montreal and a grocery warehouse in Toronto, intended to improve operational efficiency.
On an adjusted basis, earnings were 98 cents per share, which is four cents above analyst expectations according to a poll by Thomson Reuters.
Sales grew to $2.66-billion from $2.56-billion.