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## FOURTH QUARTER 

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## SALES 

Sales in the fourthquarter of 2014totalled $2,712.2 million, up 3.9% compared to $2,611.0 million for the same quarter last year . Same-store sales were up 3.1 %. Our aggregate food basket experienced inflation of 2.5 %. In a market that remains intensely competitive, our merchandising strategies and investments as well as the reorganization of our Ontario store network enabled us to increase sales. The fourth quarter acquisition of Première Moisson accounted for 0.5% of our sales increase. 

## OPERA TING INCOME BEFORE DEPRECIATION AND AMORTIZATION AND ASSOCIATE'S EARNINGS (4) 

Operating income before depreciation and amortization and associate's earnings $^{(4)}$ for the fourthquarter of 2014totalled $ 188.4 million or 6.9% of sales versus $143.7 million or 5.5% of sales for the same quarter last year. Excluding Ontario store network restructuring costs of $40.0 million, adjusted operating income before depreciation and amortization and associate’ s earnings$^{(1)(4)}$ for the fourthquarter of 2013 were $183.7 million or 7.0 % of sales . 

In the fourthquarter of 2014, gross margin on sales was 19.3% versus 19.2% for the same quarter of 2013. The operating expenses as a percentage of sales ratio was 12.3% for the fourth quarter of 2014 versus 12.1% for the corresponding quarter of 2013. The acquisition of Première Moisson led to this difference in ratios. 

## Operating income before depreciation and amortization and associate's earnings adjustments (OI) (4) 

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