MONTREAL (FNS) -- Provigo here expects to report a profit for 1995, following combined losses of over $144 million, or $200 million Canadian, during the prior two years. Provigo's fiscal year ended in January.
992 -- $23.4 million or about 0.5% of the company's $4.9 billion in sales. Pierre Michaud, Provigo president, said he wants the company's profit to be equivalent to 2% of sales within three years.
Michaud said he would like the Caisse de Depot, Quebec's pension fund manager, to sell its 37% interest in Provigo, because it would help the company continue its economic recovery.
He also criticized the Sobey family of Nova Scotia, whose Empire Co. has expanded its grocery business into Quebec to rival Provigo. The Sobeys are also Provigo shareholders and their actions are harmful to both companies, Michaud said.