Metro Q2 profit beats estimates, as expense control offsets lower food prices

Metro Q2 profit beats estimates, as expense control offsets lower food prices

MONTREAL — Metro Inc. was able to increase its profit and beat analyst estimates for the second quarter, despite an overall decline in Canadian food prices.

The Montreal-based grocery company (TSX:MRU) had $132.4 million of net income in its fiscal second quarter, equal to 56 cents per share.

That was three cents above analyst estimates of 53 cents per share, according to Thomson Reuters data, and up from $124.9 million or 51 cents per share in the comparable period last year.

Revenue was $2.9 billion, up less than a percentage point from $2.88 billion a year earlier, but in line with analyst estimates.

Metro says its second-quarter revenue was limited by a decrease in food prices over recent months but it was able to lower operating expenses as a percentage of sales.

The Canadian Press

…………………………………………………………………………………………………………….……………………………The_Quebec_Book_cover_Promo_small

Would you like to support a project based right here in Quebec?

This book is being co-authored by two people who are passionate about Quebec and everything it has to offer. One of the authors moved to the region some years ago while the other was born and raised in Quebec.

The Québec Book is a unique guide for anyone interested in learning about Quebec culture and the language spoken here. You could be someone visiting Québec, planning to move to Québec, or already living here. Or maybe you’re a native English speaker, a native French speaker, or a speaker of any other language for that matter.

Pre-Order The Québec Book Now and Receive a Bonus!

Categories: Business

About Author

Write a Comment

Only registered users can comment.