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Metro reports strong Christmas sales at core units

Tuesday, January 13, 2015 - 14:45

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Metro AG, Europe's fourth biggest retailer, reported sales fell less than expected in the last three months of 2014 as a recovery at its wholesale and consumer electronics units gained pace, making up for weakness at its department stores.

[BERLIN] Metro AG, Europe's fourth biggest retailer, reported sales fell less than expected in the last three months of 2014 as a recovery at its wholesale and consumer electronics units gained pace, making up for weakness at its department stores.

Metro said sales in the first quarter of its 2014/15 financial year fell 2.2 per cent to 18.3 billion euros (US$21.65 billion), beating average analyst forecast for a 2.8 per cent fall to 18.2 billion euros.

Metro's consumer electronics business Media-Saturn, which had been losing sales to e-commerce players, reported a particularly strong quarter, with same-store sales up 3.8 per cent and online sales rising over 25 per cent.

The cash-and-carry business, which accounts for almost half of sales, saw like-for-like sales growth of 1.4 per cent, with a double-digit rise in Russia although that was wiped out when converted into euros due to the slumping rouble.

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Metro chief executive Olaf Koch said the group had created a"solid basis" for achieving its full-year outlook for a "slight"rise in sales despite "the persistently challenging economic environment".

REUTERS

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