Metro AG reports improved Q1 results | Progresiv
Metro AG has reported an improved set of results for its fiscal first quarter, helped by a better performance at its struggling Russian operations. 
For the three months to 31 December 2018, sales edged down 0.6% to 8 billion euros, but grew by 2.1% on a constant-currency basis, with like-for-like sales up 2.3% on the latter basis. The results marked Metro’s best LFL sales growth in six quarters.
In its home market, sales were down 1.3% to 1.4 billion euros (LFL -0.2%), but growth in the rest of Western Europe was up 1.2% to 2.9 billion euros (LFL +1.0%), helped by its HoReCa business. Sales in Russia declined by 2.8% to 0.8 billion euros on a constant-currency basis (LFL -2.4%), a smaller loss than in previous quarters, while the rest of Eastern Europe reported a 6.3% rise to 1.9 billion euros (LFL +6.4%). Finally, in Asia, the group recorded a 6.9% increase to 1.1 billion euros, with LFL sales up 5.9%.
Metro reiterated its full-year forecast of sales growth of 1%-3%, with operating profits set to drop by 2%-6%. (www.kamcity.com)
