Metro Eyes More A&P Synergies

MONTREAL - Metro here yesterday said it expects to exceed its target of $61.5 million (U.S.) in 2007 synergies from the acquisition of A&P‘s Canadian operations. In reporting its results for the fourth quarter and fiscal year ended Sept. 30, the company said it achieved synergies from the acquisition greater than the $39.5 million it had projected for 2006. The company posted a 57.2% gain in net income for the fourth quarter, to $69.3 million, on a sales gain of 37%, $2.34 billion. Excluding exception items, net income rose 41.4%. For the year net income was up 32.9%, to $222 million, on a sales gain of 64.7%, to $9.6 billion.