08:32 AM EDT, 04/24/2024 (MT Newswires) -- Metro Inc. ( MTRAF ) , a Canadian food retailer, reported a 15% drop in second-quarter profit

Net earnings for the three months ended March 16 fell to $187.1 million, or $0.83 per diluted share, compared with $218.8 million, or $0.93 per diluted share, for the same quarter last year.

Adjusted profit was $206.4 million, or $0.91 per adjusted diluted share, above a Capital IQ forecast of $0.90, and down from $225.4 million and $0.96, last year.

Metro reported that sales were up 2.2% to $4.65 billion, from $4.55 billion, last year, slightly below the Capital IQ forecast of $4.66 billion.

The company recorded $20.8 million impairments of assets due to its decision to withdraw its Ontario stores from the Air Miles loyalty program later this year. In a separate statement, it said that it will launch its Moi Rewards in all 275 Metro and Food Basics stores in Ontario later this year.

The quarterly dividend was maintained at $0.3350 per share.

"Our results met our expectations as we completed the bulk of the transition to our new automated fresh and frozen facility in Terrebonne," said Eric La Fleche, President and CEO. "Going forward our teams are focused on ramping up productivity and we are now gearing up for the launch of the final phase of our Toronto automated fresh facility this summer,"