The Metro Group continues in its revival, reporting solid growth for its fiscal second quarter, helped in particular by domestic growth.
For the quarter, sales in Germany grew by 1.7% to €5.4bn, although International sales were down 2.5% to €8.2bn, hurt by currency fluctuations. The results pulled down overall sales by 0.9% to €13.6bn, although like-for-like sales edged up 0.3%.
Meanwhile, the group reported an operating loss of €34m for the quarter, down from the €564m it reported last year. It also saw its pre-tax loss narrow to €98m, from €626m last year.
Sales at the Cash & Carry unit were down 0.3% to €6.5bn, but they grew by 0.5% on a LFL basis; Media-Saturn recorded a 1.9% increase to €5.3bn, with LFL sales up 2.8%; and the Real unit saw sales decline by 1.6% to €1.8bn, with LFL sales up 0.5%.
Metro reiterated its full-year outlook for a slight rise in overall sales and EBIT, excluding special items despite what it describes as a “persistently challenging economic environment”.
- How long before Metro take the inevitable step of spinning off Media-Saturn?
- …and really see what unencumbered focus could release…