Metro Group returns to profit in third quarter

Metro Group returns to profit in third quarter

German Metro Group has managed to generate a 115 million euro profit in the third quarter of its current fiscal year, which is a significant improvement over last year's 63 million euro loss.

Turnover drop because of exchange rates

Metro Group's turnover did drop 1.4 % to 14 billion euro, while its like-for-like turnover dropped 0.4 % as Easter came early this year and that period's positive sales boost now largely fell into the previous quarter.

 

Metro Cash & Carry's turnover dropped 1.3 % to 7.45 billion euro (+ 0.1 % like-for-like). Here, the lower turnover was mainly because of the weaker ruble: its Eastern European turnover dropped 4.7 %, taking into account the exchange rate fluctuations, but grew 2.3 % in local currency.

 

Within the Media-Saturn group, turnover grew 1.2 % to 4.62 billion euro, even though there was a mere 0.2 % like-for-like turnover growth. A strong focus on online sales saw that department 24 % to 0.4 billion euro.

 

Department store chain Real's turnover dropped 9.4 % to 5.94 billion euro because of the selling of its Eastern European stores: only a 0.6 % turnover drop remained on a like-for-like basis.

 

Metro also announced it has acquired Classic Fine Foods, an Asian company that services high-brow restaurants and hotels with products like dairy, meat, pasta and other food items, for 290 million dollars (260 million euro).

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