METRO Q4 Profit Drops - Quick Facts

(RTTNews) - METRO Inc. (MRU.TO), Wednesday reported a decrease in its fourth-quarter profit as revenue declined mainly due to increased competition and higher promotional sales.

Net earnings for the three-month period were down 42.4 percent to C$83.6 million, from prior year's C$145.1 million. On a per share basis, earnings were C$0.88, compared with C$1.46 last year.

Excluding the C$29.4 million post-tax reorganization cost, and 2012 fourth quarter Couche-Tard dilution gain of C$21.7 million after taxes, adjusted net earnings from continuing operations were C$113 million or C$1.19 per share for the quarter. EBITDA for the fourth quarter was C$147.4 million, down 29.7 percent from C$209.7 million during the same period last year. Sales for the tri-monthly period were C$2.61 billion, a 8.8 percent decrease from C$2.86 billion generated last year, while same store sales decreased 1.8 percent. The company said that the increased competition and higher promotional sales caused minor deflation in its aggregate food basket.