Weak Christmas And Currency Hit Metro Group's Q1
German retailer has reported a sales drop of over 3% after being damaged by weak trading over the C…
German retailer 
has reported a sales drop of over 3% after being damaged by weak trading over the Christmas, as well as currency fluctuations.
The world’s fourth-largest retailer said sales for the three months to end-December were down 3.3% to €18.7 billion, but noted that adjusted for one-offs and currency effects, they grew by 1.1%, with like-for-like sales down 0.2%.
Olaf Koch (pictured), CEO of Metro, said; "All in all, our new financial year got off to a solid start in spite of the still challenging economic conditions; soft Christmas sales prevented a better development. Our like-for-like sales development as well as our sales growth (adjusted for currency effects and portfolio changes) are nevertheless in line with our guidance."
Koch said that sales were still in line with the company's guidance for "slight absolute sales growth" in its 2013/14 financial year. Metro reports full figures for the October to December period on 11 February.
The sprawling group, which runs over 2,200 outlets in 32 countries gets just over two thirds of sales from Germany and other western European countries, is trying to revive its fortunes by divesting non-core businesses, cutting prices at its cash and carries and revamping product ranges.
has reported a sales drop of over 3% after being damaged by weak trading over the Christmas, as well as currency fluctuations.The world’s fourth-largest retailer said sales for the three months to end-December were down 3.3% to €18.7 billion, but noted that adjusted for one-offs and currency effects, they grew by 1.1%, with like-for-like sales down 0.2%.
Olaf Koch (pictured), CEO of Metro, said; "All in all, our new financial year got off to a solid start in spite of the still challenging economic conditions; soft Christmas sales prevented a better development. Our like-for-like sales development as well as our sales growth (adjusted for currency effects and portfolio changes) are nevertheless in line with our guidance."
Koch said that sales were still in line with the company's guidance for "slight absolute sales growth" in its 2013/14 financial year. Metro reports full figures for the October to December period on 11 February.
The sprawling group, which runs over 2,200 outlets in 32 countries gets just over two thirds of sales from Germany and other western European countries, is trying to revive its fortunes by divesting non-core businesses, cutting prices at its cash and carries and revamping product ranges.