Metro Q1 profit dips 1.2% from last year, sales flat, dividend going up

Metro Q1 profit dips 1.2% from last year, sales flat, dividend going up

MONTREAL — Metro Inc. (TSX:MRU) is reporting a slight decline in profit and flat revenue compared with a year ago.

The Montreal-based grocery retailer says it had $138.1 million of net income in its fiscal first quarter, down 1.2 per cent from $139.8 million a year earlier.

Sales were $2.97 billion for the 12 weeks ended Dec. 17, up 0.3 per cent from $2.96 billion in the first quarter of Metro’s 2016 financial year, which ended Sept. 24.

Metro’s earnings amounted to 58 cents per share, up from 56 cents per share a year earlier, when there were more shares outstanding.

Its dividend payable March 13 will be 16.25 cents per common share, up 2.25 cents from the dividend paid in November and up 16.1 per cent from last year’s first-quarter dividend.

Metro’s chief executive, Eric La Fleche, said in a statement before the company’s annual meeting that Metro has experienced a challenging environment because of a decline in food prices and intense competition.

Statistics Canada has reported that overall food prices fell compared with the same months of 2015 in October, November and December — the first declines since January 2000.

The Canadian Press

Categories: Business

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