Metro Inc. reports a significant increase in earnings for the latest quarter, driven by higher same-store sales. In the quarter ended July 1, the grocery and drug store retailer’s net earnings surged by 26% to $346.7 million, compared to $275 million in the same period last year. This substantial growth is partly attributed to a tax benefit after the Canada Revenue Agency approved previously disallowed capital losses for the company.
However, adjusted net earnings increased by 11% to $314.8 million in the last quarter, compared to $283.8 million in the same period last year. Adjusted fully diluted net earnings also saw a significant boost of 14% from $1.18 per share to $1.35 per share.
