Promotions Hurt Metro Results

Metro said last week that an extraordinarily difficult pricing environment in Ontario put pressure on the company's first-quarter sales and earnings. For the 12-week period, which ended Dec. 22, the Canadian operator reported a gain in net income of 2.7%, to about $69.9 million (U.S.), although excluding one-time gains and write-downs, net income actually fell about 18.6%, to about $58.4

MONTREAL — Metro here said last week that an extraordinarily difficult pricing environment in Ontario put pressure on the company's first-quarter sales and earnings.

For the 12-week period, which ended Dec. 22, the Canadian operator reported a gain in net income of 2.7%, to about $69.9 million (U.S.), although excluding one-time gains and write-downs, net income actually fell about 18.6%, to about $58.4 million. Sales in the period were down about 0.3%, to about $2.51 billion,

Register to view the full article