After reorganizing its Ontario stores and its acquisition of the majority stake in the Quebec bakery chain Premiere Moisson, Metro has surpassed expectations with its quarterly profits.
After re-branding some of its Metro stores into Food Basics discount grocery stores, the company experienced a growth in same-store sales by 3.1 per cent in the quarter, which ended Sept. 27. Its net income grew to $115.6 million from $79.5 million in the same period last year, while revenue grew 3.9 per cent to $2.71 billion. The stock has risen by about 27 per cent this year according to numbers taken earlier in the week.
