MONTREAL — Shareholders of Metro Inc. at the retailer’s annual meeting here Tuesday approved a plan to consolidate its Class A and Class B stock shares. The reorganization, announced late last year, converts Class B shares carrying 16 votes each into subordinate shares, and then into Class A shares, while eliminating Class B. The Class B shares — less than 1% of the total shares of Metro — were held exclusively by independent retailers affiliated by Metro.
Metro also reported financial results for its fiscal first quarter Tuesday, saying that net earnings improved by 8.6% to $104 million (U.S.) on $2.7 billion in sales for the quarter, which ended Dec. 17. Sales improved by 3.4% and were boosted in part by the addition of $33 million in sales from acquired retailer Adonis and distributor Phoenicia.
Metro recorded eight weeks of sales from Adonis and Phoenicia during the 12-week period. Same-store sales grew by 1.7%.
