Metro: first-quarter results down on Russia and currencies
(CercleFinance.com) - Germany's biggest listed retailer Metro reported weaker H1 results on Tuesday, due to negative currency effects and a deteriorating business environment in Russia.
Metro said this morning that sales reached slipped 0.3% year-on-year to 18.6 billion euros in the six months to 31 March.
Like-for-like sales rose by 1.3%.
The group said that earnings before interest and tax (EBIT) fell by 18% to 504 million euros in the first half.
In a statement, Metro said that it has implemented a new pricing policy and has taken commercial initiatives over the past quarter, while also taking "clear steps" to restore growth at its Russian business.
Last month Metro cut its outlook for earnings and sales for the financial year 2017/18 due to the overall development of the business in Russia.
Metro shares were trading down 3.9% on Tuesday morning, underperforming the broader German market, which itself was down 0.2%.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
Metro said this morning that sales reached slipped 0.3% year-on-year to 18.6 billion euros in the six months to 31 March.
Like-for-like sales rose by 1.3%.
The group said that earnings before interest and tax (EBIT) fell by 18% to 504 million euros in the first half.
In a statement, Metro said that it has implemented a new pricing policy and has taken commercial initiatives over the past quarter, while also taking "clear steps" to restore growth at its Russian business.
Last month Metro cut its outlook for earnings and sales for the financial year 2017/18 due to the overall development of the business in Russia.
Metro shares were trading down 3.9% on Tuesday morning, underperforming the broader German market, which itself was down 0.2%.
Copyright (c) 2018 CercleFinance.com. All rights reserved.