Market News

Metro\'s A&P takeover factors positively into Q3 results

Metro Inc.\'s third-quarter profit increased nearly 50 per cent to $85.1 million, thanks in large part to its 2005 acquisition of A&P Canada. Sales also increased 75.8 per cent to more than $3.33 billion in the quarter, compared to $1.9 billion last year in the same period, the Quebec-based grocer reported. [Including A&P Canada stores, third quarter same-store sales rose 0.8%.] President and CEO Pierre Lessard said Metro will continue to invest in its retail network in both Ontario and Quebec, noting 46 stores have been renovated or expanded and 16 new stores have been opened over the year. He said the arrival of Wal-Mart superstores in Ontario that sell food shouldn\'t hurt Metro, adding Metro has discount grocer Food Basics in that province. Source: Canada.com/CFIG E-News, August 14, 2006.