Metro reports third-quarter profit down on Jean Coutu acquisition costs

Grocer Metro Inc. earned $167.5 million in its latest quarter as it completed its acquisition of the Jean Coutu Group.

The retailer says its profit amounted to 69 cents per diluted share for the quarter ended July 7 compared with a profit of $183.0 million or 78 cents per diluted share a year ago.

Metro closed its acquisition of the Jean Coutu Group drug store chain on May 11.

On an adjusted basis, which excluded acquisition-related costs, Metro says it earned 75 cents per diluted share for the quarter, up from 70 cents per diluted share in the same period last year.

Revenue for what was the company's third quarter of its financial year totalled $4.64 billion, up from $4.07 billion a year ago, boosted by the Jean Coutu acquisition.

Excluding Jean Coutu, Metro says sales would have been up 2.4% for the quarter.