Metro profit more than triples on Alimentation stake sale gain

Wed Apr 24, 2013 7:22am EDT
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April 24 (Reuters) - Metro Inc, Canada's third-largest grocer, more than tripled its second-quarter earnings, helped by a after-tax one-time gain of C$266.4 million related to the sale of 10 million shares of Alimentation Couche-Tard Inc.

The company's net earnings rose to C$366.8 million, or C$3.77 per share, from C$96.1 million, or 94 Canadian cents per share, a year earlier. On an adjusted basis, the company earned C$1.02 from continuing operations.

Sales fell 3 percent to C$2.51 billion.

Metro said in January it would sell nearly half its stake in Alimentation, a convenience store and gasoline station operator for nearly C$479 million.