Market News

Bigger Profits for Metro/A&P

Bigger Profit for Metro as Rebranding Rolls Out Metro Inc. is expecting to ring in a stronger holiday-shopping season as intense competition in Ontario has declined from last year. The supermarket chain said it's well positioned to compete with discount and conventional store banners in Quebec and Ontario. Montreal-based Metro's summer-quarter profit soared 25.5% to $72.3 million from year-ago earnings that were reduced by the integration of A&P stores. Profit in the 12 weeks ended Sept. 27 was $2.48 billion in sales. That was up from $57.6 million in the year-ago period, when sales were $2.43 billion. Excluding one-time items, notably the A&P Canada acquisition-related costs a year ago, profit was up 8.2 % from last year. http://www.theglobeandmail.com/servlet/story/ LAC.20081120.RTICKERMETRO20//TPStory/Business Source: Canadian Grocer E-Newsletter, November 21, 2008