Metro Profit Up Despite Tepid Holiday Sales, Currency Effects
February 03 2017 - 1:21AM
Dow Jones News
By Monica Houston-Waesch and William Wilkes
FRANKFURT--German retailer Metro AG said Friday that net profit
rose in its fiscal first quarter, despite tepid holiday sales in
December and currency losses in several countries.
Net profit for the quarter was 381 million euros ($410 million),
up 3.8% from EUR367 million a year earlier.
On Jan. 10, Metro reported sales of EUR17 billion the in quarter
to Dec. 31, down 0.6% from a year earlier. The October-December
period is usually the retailer's strongest, when shoppers make
purchases for the Christmas holidays. Metro said it was adversely
affected by a number of weaker currencies, such as the Turkish
lira.
Metro affirmed its group guidance for slightly higher sales and
adjusted earnings before interest and taxes this year, but repeated
that it will issue fresh guidance after the company splits into two
entities later this year. Metro will create one company for its
food and wholesale businesses and another for consumer
electronics.
Write to Monica Houston-Waesch at nikki.houston@wsj.com
(END) Dow Jones Newswires
February 03, 2017 02:06 ET (07:06 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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