Metro reports profit and sales up from a year ago boosted by

MONTREAL — Metro Inc. reported its second-quarter profit and sales were up compared with a year ago, boosted by its acquisition of the Jean Coutu Group drug store chain last year.The grocer says it earned $121.5 million or 47 cents per diluted share for the 12-week period ended March 16, up from a profit of $106.9 million or 47 cents per share a year ago.Sales totalled $3.7 billion, up from $2.9 billion. Excluding the Jean Coutu Group, Metro says sales were up 4.0 per cent compared with a year ago.Food same-store sales rose 4.3, while pharmacy same-store sales gained 1.1 per cent.On an adjusted basis, Metro says it earned 60 cents per share for the quarter, up from an adjusted profit of 47 cents per share a year ago.Analysts on average had expected a profit of 63 cents per share and revenue of $3.73 billion, according to Thomson Reuters Eikon.Related Stories:HBC Reports Second Quarter 2019 Financial ResultsDollarama misses expectations on profit, but hikes sales forecastBlackberry plunges to 4-year low in first five minutes of trading on earnings miss, outlook cutMetro closed its $4.5-billion acquisition of Jean Coutu on May 11, 2018.The company said Wednesday that Francois J. Coutu will retire as president of the Jean Coutu Group (PJC) Inc., Metro’s pharmacy division, on May 31.Alain Champagne has been named as his successor.

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