Canadian grocer Metro reports slightly higher revenue

Wed Aug 13, 2014 7:35am EDT
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Aug 13 (Reuters) - Canadian grocer Metro Inc reported slightly higher quarterly revenue as a reorganization of its Ontario store network helped increase sales in a competitive market.

Same-store sales rose 1 percent.

Metro's net income was flat at C$144.5 million ($132.27 million), or C$1.63 per share in the third quarter.

Analysts on average had expected a profit of C$1.64 per share, according to Thomson Reuters I/B/E/S.

The Montreal-based company's revenue rose 1.4 percent to C$3.62 billion.

Metro, which is facing stiff competition from U.S. retailers such as Wal-Mart Stores and Target Corp, bought a majority stake in Quebec bakery product manufacturer and retailer Première Moisson in June.

In July, Canada's Competition Bureau approved sale Of 13 stores and pharmacies owned by Canada's largest grocer Loblaw Co Ltd to Metro Inc, Jean Coutu Group Inc and Remedy's.

Metro's shares closed at C$71.30 on the Toronto Stock exchange on Tuesday. The company's stock fell more than 1 percent in the past 12 months up to Tuesday's close. (1 US dollar = C$1.0925) (Reporting by Shubhankar Chakravorty and Anannya Pramanick in Bangalore)