Correction to Metro Profit story

"Metro Profit Up Despite Tepid Holiday Sales, Currency Effects," at 0651 GMT, misstated the direction of net profit in the first paragraph, and the figure in the second paragraph. The correct version follows:

By Monica Houston-Waesch and William Wilkes

FRANKFURT--German retailer Metro AG said Friday that net profit fell in its fiscal first quarter, after tepid holiday sales in December and currency losses in several countries.

Net profit for the quarter was 200 million euros ($215.8 million), down 64% from EUR549 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 02:51 ET (07:51 GMT)

Ceconomy (PK) (USOTC:MTTRY)
Historical Stock Chart
From Mar 2024 to Apr 2024