Metro: second-quarter hit by Easter shift and forex impact
(CercleFinance.com) - German retailer Metro AG has reported flat sales for its fiscal second quarter, ended March, saying that numbers have been hit by the shift of the Easter weekend to April.
Stripping out the impact of currencies and changes in its consolidation scope, like-for-like sales increased by 1.2% over the quarter, driven by Eastern Europe (excluding Russia) and Asia, it said.
On the operating side, EBITDA excluding earnings contributions from real estate transactions fell to 83 million euros, down from 111 million euros in the same quarter last year, due to the Easter shift, the group's difficulties in Russia, and higher costs for digitalisation/IT.
In addition, fluctuations in the Russian and Turkish currencies had a negative impact on profit, Metro said.
The company said that it made a loss of 34 million euros in the past quarter, representing a slight improvement from the 45 million euro loss a year ago, with the group confirming its outlook for the financial year 2018/19.
The market's immediate reaction has been negative, with the shares falling 2% to 14.4 euros after the report.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
Stripping out the impact of currencies and changes in its consolidation scope, like-for-like sales increased by 1.2% over the quarter, driven by Eastern Europe (excluding Russia) and Asia, it said.
On the operating side, EBITDA excluding earnings contributions from real estate transactions fell to 83 million euros, down from 111 million euros in the same quarter last year, due to the Easter shift, the group's difficulties in Russia, and higher costs for digitalisation/IT.
In addition, fluctuations in the Russian and Turkish currencies had a negative impact on profit, Metro said.
The company said that it made a loss of 34 million euros in the past quarter, representing a slight improvement from the 45 million euro loss a year ago, with the group confirming its outlook for the financial year 2018/19.
The market's immediate reaction has been negative, with the shares falling 2% to 14.4 euros after the report.
Copyright (c) 2019 CercleFinance.com. All rights reserved.