Grocer Metro Inc. reported better than expected earnings and revenue in its latest quarter.
The company says it earned nearly $1.3 billion or $5.67 per share for its first quarter, boosted by the sale of its stake in Alimentation Couche-Tard Inc. to help fund its deal to buy the Jean Coutu Group Inc.
The result compared with a profit $138.1 million or 58 cents per share in the same quarter a year earlier.
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Sales for the 12 weeks ended Dec. 23 totalled $3.11 billion, up from $2.97 billion.
On an adjusted basis, Metro says it earned $153.4 million or 67 cents per share, up from $138.1 million or 58 cents per share a year ago.
Analysts on average had expected a profit of 59 cents per share and $3.02 billion in revenue, according to Thomson Reuters.