Canadian grocer Metro's profit falls as competition intensifies

Wed Nov 13, 2013 7:19am EST
 
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Nov 13 (Reuters) - Canadian grocer Metro Inc reported a lower quarterly profit, hurt by intensifying competition from U.S. retailers Target Corp and Wal-Mart Stores.

Metro, whose main domestic competitors are Loblaw Cos Ltd and Empire Co Ltd's Sobeys, said net earnings fell to C$83.6 million, or 88 Canadian cents a share, in the fourth quarter from C$145.1 million, or C$1.46 a share, a year earlier.

Sales fell nearly 9 percent to C$2.61 billion.

The fourth quarter ended Sept. 30 had 12 weeks compared with 13 weeks the previous year.

Sales at established stores, a key measure for retailers, fell 1.8 percent.