Metro profit off 13%, but same-store sales upbeat
Metro AG (B4B.XE) said Tuesday that net profit for its fiscal first quarter fell 13%.
The German retailer’s net profit for the period was 202 million euros ($228.3 million) compared with EUR232 million the year previous.
Earnings before interest and taxes were EUR335 million, down 7.9%.
Earnings before interest, taxes, depreciation and amortization were EUR472 million, down 6.4%.
In January the company released its quarterly sales figures, which were EUR8 billion, down 0.6% from the year previous. Like-for-like sales grew 2.3%.
Metro said negative currency effects in Russia and Eastern Europe caused the fall in total sales, but that like-for-like performance was the best the company had achieved for six quarters.
Chairman Olaf Koch said Metro’s sales and earnings were in line with expectations, and confirmed the company’s outlook for FY 2018/2019.
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