PROVIGO BOWS OUT OF AIR MILES
By Adnews Staff
Montreal-based Provigo Inc. is leaving the Air Miles program, run by Loyalty Management Group Canada, on April 30, 1997. Provigo has decided to find other ways to attract customers besides offering them credits for air travel. "The decision is primarily based on a change in our long-term strategy," senior vice-president Daniel Tremblay says in a release. Provigo opened 59 new stores last year under the Provigo, LOEB and Maxi banners. Another 20 new stores are planned for 1996, and 75 are being renovated. For fiscal 1996, Provigo reported a net income of $40.7 million, compared with a net loss of $98.3 million a year earlier. Revenues were $5.73 billion, down from $6.18 billion. The 1995 net loss includes a $152.1 dropped in the sale of a subsidiary.