Canadian grocer Metro's profit falls as competition intensifies
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.
© Thomson Reuters 2017 All rights reserved.