Metro Inc. confirmed this week it would complete an acquisition it began in 2011.
Metro, Canada’s third largest grocer, previously obtained a 55 per cent interest in Marché Adonis and its distributor, Phoenicia Products.
After reviewing second quarter earnings, President and CEO Eric R. La Flèche said the remaining holdings would be purchased by Metro “shortly after this fiscal year.” The company will continue to be run independently and report to Metro.
Since 2011, Metro has expanded the Adonis brand from its original four stores to 11, with a 12th location already in progress.
In addition, Metro said same-store sales improved 0.3 per cent and net earnings climbed to CAD$132.4 million for the fiscal second quarter, ending March 11.
“We are pleased with our second quarter results that show sales, net earnings and tonnage growth against a background of food deflation and intense competition,” La Flèche said. “The growth reflects our effective execution and strong expense control.”
