GERMANY: Metro profit meets estimates | Progresiv

Metro AG, Germany’s biggest retailer, reported first-quarter profit that met analysts’ estimates as weakness in the Russian ruble clouded better earnings at the Media Markt and Saturn electronics chains.

Earnings before interest and taxes fell 4.6 per cent to €1.02 billion, Dusseldorf-based Metro said in a statement. That was in line with analysts’ estimates after the company last month reported same store-sales rose 2.1 per cent during the fiscal first quarter ended in December. Negative currency effects cost the retailer about €60 million in earnings, Metro said.

Total revenue for the fourth quarter declined 2.2 per cent to €18.3 billion, Metro said, confirming the preliminary figure it reported in December. (www.esmmagazine.com)