GERMANY: Metro results slip in Q1 | Progresiv
The Metro Group has reported worse-than-expected results for its fiscal first quarter, which it partly attributed to weakness in Russia. For the three months to end-December, underlying operating profit was down 7% to 828 million euros, hurt by currency fluctuations (+41.5% reported). Sales were down 1.5% to 17.1 billion euros, although like-for-like sales edged up 0.1%. 
In Germany, the group saw sales grow by 0.5% to 6.8 billion euros, although international sales were down 2.5% to 10.3 billion euros partly due to the weakness of the Russian rouble. Metro said it reported LFL growth at its Cash & Carry and Media-Saturn chains, but Real reported another decline.
Metro said it had managed to further reduce its debt, bringing its level down to 1bn, the lowest in its history. The group said it remains confident for the full year, and expects to meet its sales and profit targets. (www.kamcity.com)
