Metro: shares hit by falling German sales, quarterly loss
(CercleFinance.com) - Metro on Thursday reported slighty higher sales for the first quarter of its 2019/2020 fiscal year, with the German retailer also posting losses for the period.
Total first-quarter sales increased by 2.2% to 7.5 billion euros, with like-for-like sales up 1%, the group said on Thursday.
In Germany, Metro recorded a slight decrease in like-for-like sales of 0.3% for the first quarter 2019/20, impacted by a change on tobacco regulations.In Russia, like-for-like sales decreased by 5.3%, it said.
Metro said that the loss from continuing and discontinued operations attributable to shareholders over the period reached 34 million euros, compared to a profit of 224 million euros a year earlier.
After this report, Metro's shares were down 2.2% on Thursday morning, making them one of the biggest fallers amongst German mid-cap stocks. They have now lost more than 14% since the start of the year.
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