Metro Says 4Q Sales Fell Slightly, Says Demerger Plans on Track
October 19 2016 - 3:21AM
Dow Jones News
By Monica Houston-Waesch
FRANKFURT--Metro AG said sales fell slightly in the fourth
quarter due to currency and portfolio effects, but the group
confirmed its outlook for the year and said its demerger plans are
on track.
Fourth quarter group sales dropped 0.5% to 14.2 billion euros
($12.7 billion), just below analysts' expectations of nearly
EUR14.3 billion. Full-year sales edged down 1.4% to EUR58.4 billion
from EUR59.2 billion a year earlier, Metro said in a trading
statement.
"We have achieved our sales target in a somewhat challenging
market environment and, on this basis, confirm the guidance for
EBIT before special items," Management Board Chairman Olaf Koch
said.
Preparations for the group to split into a wholesale and food
entity and a consumer electronics entity are on track, he
added.
Looking ahead, Metro said it sees a favorable market environment
for sales during the Christmas period.
The figures are preliminary and Metro said it will release the
group's annual report on Dec. 14.
Write to Monica Houston-Waesch at nikki.Houston@wsj.com
(END) Dow Jones Newswires
October 19, 2016 03:06 ET (07:06 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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