In the third quarter of its broken fiscal year 2013-2014, German Metro Group has managed a 1.7 % like-for-like turnover increase even though total turnover dropped 2.7 %, mainly because of exchange rate effects.
Exchange rates push turnover down
Metro's total turnover for its third quarter reached 14.9 billion euro, a 2.7 % drop compared to the 15.3 billion euro it managed last year. If exchange rate effects are cancelled out, the turnover grew 0.1 %.
The biggest drop was in Eastern Europe, where turnover dropped 14.2 % to 3.5 billion euro, mainly because it has sold Real in that region. Asia/Africa and Western Europe (excluding Germany) have dropped 0.6 and 0.2 % respectively. Its home market, Germany, advanced another 2.9 % to 6 billion euro.
The entire Metro Group had an 83 million euro net loss in the third quarter, while the same period last year resulted in a 15 million euro profit.
Metro Cash & Carry had a 2.2 % post-exchange rate fluctuation turnover drop to 7.5 billion euro. If exchange rate effects are taken out of the equation, there was actually a 2.3 % turnover growth. Eastern Europe also experienced the largest drop here, minus 6.4 %. Only Germany experienced growth, with a 3.1 % increase.
Media-Saturn's turnover, with Media Markt and Saturn as its subsidiaries, grew 0.9 % in the third quarter (to 4.56 billion euro) following exchange rate fluctuations. Eastern Europe outperformed the rest with a 2.6 % turnover growth. Excluding exchange rate fluctuations, the growth even reached 11.5 %, mainly thanks to the World Championship football.
Store chain Real had to deal with a 13 % turnover drop, to slightly more than 2 billion euro, but the like-for-like turnover growth (before exchange rate effects) reached 5.1 % thanks to Real's sale in Russia, Romania, Poland and the Ukraine. Galeria Kaufhof managed to remain relatively stable, with 0.3 % growth to 2.4 billion euro.