07:52 AM EST, 01/28/2025 (MT Newswires) -- Metro (MRU.TO) on Tuesday reported higher first-quarter adjusted profit and raised its dividend a 10%.

Adjusted net earnings climbed 4.4% to $245.4 million, or $1.10 per diluted share, from last year's $235 million, or $1.02 per share. The result was ahead of analyst expectations of $1.09 a share, according to FactSet.

Sales increased 2.9% to $5.12 billion, just below the $5.13 billion FactSet forecast.

Metro will pay a dividend of $0.37 per share, compared with last quarter's dividend of $0.335.

The company also said it bought back 1.43 million shares at an average price of $90.95, totaling $129.6 million, between Nov. 27, 2024 and Jan. 17, 2025.

"We are pleased with our first quarter results which were driven by solid revenue growth and good expense control. Our commercial programs continue to resonate with customers, aided by the successful launch of our Moi Rewards program in Ontario this fall, leading to increased traffic and tonnage," said President and Chief Executive Eric La Fleche.