Home Shoreline News Metro Inc. reports profits up 11% amid increasing food prices

Metro Inc. reports profits up 11% amid increasing food prices

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Canadians struggling with the rising cost of food prices won’t be pleased to hear that grocery stores are not facing the same crunch.

Metro Inc. was the first of the nations three big chains to report their first quarter earnings, and profits are up over 11% from the same period a year ago.

The company also upped its dividends for shareholders by 10% and increased annual bonuses paid out to executives by 13.7%.

Stores operated by the company include Metro, Super C and Food Basics.

Stats Canada says the inflation rate has slowed to 6.3%, but the cost of groceries are coincidentally still up by 11% year over year.

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