Metro AG reports slight decline in H1 sales, profits | Progresiv
Metro AG has reported slight declines in sales and profits for its fiscal first half, but said it had reported improvements at its banners in the second quarter. 
For the six months, reported sales edged down 0.3% to 18.6 billion euros, but like-for-like sales grew by 1.3%. Operating profit was down 18% to 413 million euros, and EBITDA was down 10.5% to 769 million euros, but on an underlying basis, the latter grew by 2.6%.
In its Wholesale unit, sales were up 2% on a constant-currency basis to 14.8 billion euros, with LFL sales up 1.2%. The results were helped by a 2% increase in Germany, a 3.9% rise in Western Europe, a 5.4% increase in Eastern Europe (excl. Russia), and a 2.8% uptick in Asia. However, sales in Russia were down 9.6%, with LFL sales also down 8.8%.
The group was boosted by improved results at the Real banner, where sales were up 1.3% to 3.77 billion euros, on LFL growth of 1.7%. Metro highlighted that online sales in particular continued to do well, growing by 37% in the half.
CEO Olaf Koch noted that the group had “achieved further dynamic growth in the delivery and online business”, adding that it had also “taken clear steps to restore growth to our Russian business”. (www.kamcity.com)
