November 16, 2011 / 2:44 PM / 7 years ago

UPDATE 2-Metro profit rises excluding closure costs

* Q4 net C$0.84 vs C$0.88 last year

* Revenue up 3.8 pct at C$2.66 bln

* Same-store sales rise 3.2 pct (Adds bullets, adjusted earnings, market reaction)

TORONTO, Nov 16 (Reuters) - Metro Inc MRUa.TO said on Wednesday rising sales helped boost quarterly profit after excluding costs related to closing two facilities.

Canada’s third-largest grocery store operator closed a meat processing plant in Montreal and a warehouse in Toronto to improve operational efficiency, incurring C$20.2 million in closure costs.

Excluding those costs, adjusted earnings in its fourth quarter ended Sept. 24 rose 7.5 percent to C$100.4 million.

Revenue rose 3.8 percent to C$2.66 billion. Sales at the company’s established stores, a key measure for retailers, rose 3.2 percent.

Net income dropped to C$86.1 million ($84.2 million), or 84 Canadian cents a share, from C$93.4 million, or 88 Canadian cents, the year earlier.

Metro shares were up 0.7 percent at C$49.85 in early trading on Wednesday on the Toronto Stock Exchange. ($1=$1.023 Canadian) (Reporting by Allison Martell in Toronto and Arnav Das Sharma in Bangalore; Editing by Maju Samuel)

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