DUESSELDORF (dpa-AFX) - METRO AG reported like-for-like sales growth of 2.3% in the first-quarter of 2018/19, mainly driven by the strong development in Eastern Europe (without Russia) and Asia and supported by a slightly positive day effect. Both segments continued to grow at a high level of 6.4% (Eastern Europe without Russia) and 5.9% (Asia).
In Russia like-for-like sales decreased by 2.4%, but with a continued monthly improvement. The development has been positively affected by an attractive pricing model as well as the expansion of the franchise format Fasol.
In Germany, METRO showed a slight decrease in like-for-like sales by -0.2% against a high comparison base of 2.3% in the previous year. In Western Europe sales increased by 1.0% due to a good development of HoReCa1 business.
'....We confirm our outlook for the financial year 2018/19', said Olaf Koch, Chairman of the Management Board. Total sales declined by -0.6% to €8.0 billion, due to negative currency effects in Russia and Eastern Europe. However, total sales in local currency grew by 2.1%.
The hypermarket business, which is up for sale, is reported as discontinued operations as of 30 September 2018. In the first-quarter of 2018/19 like-for-like sales slightly decreased by -0.5%. Reported sales decreased by 1.5% also due to two temporary store closings.
Copyright RTT News/dpa-AFX