German Metro Group is happy with its first quarter results. Turnover, after exchange rate fluctuations, has only grown 0.2 %, but there was a 0.8 % like-for-like turnover increase.
Setback in Russia
Metro’s total first quarter turnover reached 10.1 billion euro, which is pretty much the same as a year earlier. Prior to the exchange rate fluctuations, there was a 1.5 % turnover increase and a 0.8 % like-for-like turnover increase. “We had a solid quarter in a challenging market”, Metro’s chairman Olaf Koch said. “The group’s first quarter turnover was in line with our full fiscal year’s forecast.”
Metro Wholesale performed best, with a 1 % like-for-like turnover increase to 8.1 billion euro. However, the results were not as positive everywhere, because there was a 9 % like-for-like turnover drop in Russia. German turnover grew 2 % but Real’s turnover dropped 0.5 % to 2 billion euro: like-for-like turnover remained stable, despite fewer opening days in the first quarter compared to last year’s first quarter.