Metro AG reports modest Q1 growth | Progresiv

Metro AG has reported a modest rise in sales for its fiscal first quarter, helped by gains at its wholesale unit.

For the quarter, sales grew by 1.5% on a constant-currency basis to 10.1 billion euros (+0.2% reported), while like-for-like sales edged up 0.8%.

The Wholesale (Cash & Carry) unit saw sales grow by 2.3% on a constant-currency basis to 8.1 billion euros (+0.6% reported), on LFL growth of 1%. Metro said the growth came despite fewer trading days, and was helped by positive results in all regions, in particular German (+2%).

This growth offset a 0.5% decline to 2 billion euros at Real, with LFL sales staying flat. Metro said the sales decline was driven by store closures and fewer trading days, but noted that online growth continued to be strong.

Olaf Koch, Chairman of the Management Board, noted: “We had a solid Christmas quarter in a challenging market environment. The group’s sales in the first quarter are in line with our outlook for the full financial year.” (www.kamcity)