Metro Inc, Canada's No. 3 grocer, more than tripled quarterly earnings after selling part of a convenience store operator, but it warned of a "challenging" competitive environment.
Metro and other Canadian supermarket chains face stern competition from Target Corp, the U.S. discount retailer, which opened its first three Canadian stores last month and plans to have more than 100 by the end of this year.
Metro and rivals such as Loblaw Cos Ltd, Canada's largest grocer, are already under pressure from the expansion of Wal-Mart Stores Inc's grocery business in Canada.
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