The Metro grocery business is reporting a higher profit, more sales growth and a gain in market share during its third quarter.
The Montreal-based company says its net profit was up eight per cent from last year, rising to $176.5 million or 72 cents per share.
That's up from $163.5 million or 64 cents per share in last year's fiscal third quarter.
Revenue was up 4.5 per cent year-over-year, rising by $173.1 million to just over $4 billion.
Metro's president and CEO, Eric La Fleche, says the company grew market share in a highly competitive environment, but he didn't disclose details in the third-quarter press release.
In addition to the performance of its own chains of grocery stores, Metro was helped by its investment in Alimentation Couch-Tard—operators of Mac's, Circle K and Couche-Tard convenience stores and gas bars.
Couche-Tard contributed $15.5 million to this year's third-quarter results at Metro, up from $8.7 million last year.
Metro's directors have approved a dividend of 14 cents per share payable Sept. 23—in line with the previous two payouts to shareholders but up 20 per cent from the same time last year.
"We are very pleased with our solid third quarter results,'' La Fleche said in a statement.
"Our teams did an excellent job to grow sales, tonnage and market share in a highly competitive environment marked by declining food inflation.''