Metro Inc. reported consolidated earnings results for the first quarter ended December 21, 2013. For the quarter, the company reported sales of CAD 2,701.3 million compared with CAD 2,704.7 million for the same period last year. Adjusted EBITDA was CAD 177.5 million compared with CAD 184.5 million for the same period last year.

Net earnings were CAD 99.2 million or CAD 1.06 diluted per share compared with CAD 117.3 million or CAD 1.19 diluted per share for the same period last year. Adjusted net earnings from continuing operations were CAD 103.9 million or CAD 1.11 diluted per share compared with CAD 110.9 million or CAD 1.12 diluted per share for the same period last year. Adjusted EBITDA was CAD 177.5 million compared with CAD 184.5 million for the same period last year.

EBITDA was CAD 171.1 million compared with CAD 184.5 million for the same period last year. This net earnings decrease is mainly due to non-recurring expenses in 2014 and a gain related to discontinued operation in 2013. The adjusted, fully diluted net earnings per share from continuing operations has seen a slight drop in profitability, and that was done in order to protect market shares.

The decrease in net earnings is mainly due to non-recurring expenses in 2014 and a gain related to discontinued operation in 2013.