METRO INC. (MRU.TO) posted a surge in its earnings for the second quarter on the back of a gain from the sale of Alimentation Couche-Tard shares, despite a decline in sales.
The company reported net earnings for the quarter of C$366.8 million, significantly higher than last year's C$96.1 million. Earnings per share surged to C$3.77 from C$0.94 last year. The company said results included the non-recurring net gain of C$266.4 million after taxes on the sale of 10 million shares of Alimentation Couche-Tard Inc.
Adjusted earnings per share from continuing operations grew 8.5 percent to C$1.02.
Sales in the quarter slipped to C$2.513 billion from C$2.580 billion last year, resulting primarily from the shift in the important week preceding Christmas, the closure of a few unprofitable stores in Ontario, as well as the loss of sales in pharmaceutical division.
On April 23, 2013, the board declared a quarterly dividend of C$0.25 per share, payable June 14, 2013, an increase of 16.3% over the dividend declared for the same quarter last year.
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