Metro's first quarter sales and profits top analysts' expectations

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.

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.

Keep checking CanadianGrocer.com for more coverage of Metro's Q1 results