November 16, 2011 / 12:23 PM / in 7 years

CORRECTED-UPDATE 1-Grocer Metro's Q4 profit falls on costs

(Corrects paragraph 3 to say revenue rose to C$2.7 billion, not C$2.6 billion)

Nov 16 (Reuters) - Grocer Metro Inc’s profit fell 8 percent in the fourth quarter, hurt by the costs related to closing of two facilities.

Net income at Canada’s No. 3 grocery chain fell to C$86.1 million ($84.2 million), or 84 Canadian cents a share, in the quarter ended Sept. 24, compared with C$93.4 million, or 88 Canadian cents a share, the year before.

Revenue rose to C$2.7 billion from C$2.5 billion. Sales at the company’s established stores, a key measure for retailers, rose 3.2 percent.

In the quarter, the company closed its meat processing plant in Montreal and a grocery warehouse in Toronto to improve operational efficiency. Closure costs were C$20.2 million before taxes.

Metro shares closed at C$49.50 on Tuesday on the Toronto Stock Exchange. ($1 = 1.023 Canadian Dollars) (Reporting by Arnav Das Sharma in Bangalore; Editing by Maju Samuel)

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