BERLIN — The Metro Group significantly narrowed its net loss in the first quarter of 2013, booking a loss of 16 million euros, or $21.1 million, compared to 79 million euros, or $103.6 million, in the year-ago period.
Metro said the improvement was primarily due to tax income of 109 million euros, or $144 million.
Earnings before interest and taxes for the German cash & carry, department store, hypermarket and electronics retail group amounted to 1 million euros, or $1.3 million, compared to an operating loss of 8 million euros, or $10.5 million, a year ago.
The group attributed the gain to improved earnings at its Real supermarket and Media-Saturn electronics divisions, though noted earnings at Metro Cash & Carry and the Real Estate segment declined in the quarter.
Group sales slipped 0.9 percent to 15.5 billion euros, or $20.47 billion. Adjusted for already implemented portfolio changes — the sale of Makro Cash & Carry in the U.K., Real in Eastern Europe and the termination of Media Markt China — sales grew 0.7 percent.
Dollar figures are converted from euros at average exchange rates for periods in question.
Despite missing three trading days and in the face of adverse weather conditions, first-quarter sales in Germany rose 1 percent to 6.1 billion euros, or $8.06 billion, boosted by “good” Easter business. At home, the group’s Real, Media-Saturn and Galeria Kaufhof department store division all booked like-for-like sales growth for the period.
For the nine months ending Sept. 30, Metro is forecasting moderate growth in sales, and for operating profits to fall short, partly due to uncertain economic conditions, and also the lack of major sporting events in the period such as the World Cup which tend to generate sales of sportswear, sporting apparel and related items.
EBIT before special items, however, is expected to increase, based on the assumption of higher income from the sale of real estate assets.
“These collections continue to build on that vision, empowering differently abled adults to express themselves through fashion,” said @tommyhilfiger of his line of adaptive apparel, which launches today. The line consists of 37 men’s and 34 women’s styles based upon the pieces from the spring Tommy Hilfiger sportswear collection. #wwdnews
“Stranger Things” is getting a new cast member for season 2. Meet @sadiesink_, the 15-year-old who will be joining the Netflix series for its new season. You may recognize her from “The Glass Castle” with Brie Larson and Woody Harrelson, but the Texas native’s next role goes in an entirely different direction. She describes her character, Max, as “a rough and tumble skater girl [who] becomes friends with the boys at school.” The second season debuts on October 27. (📷: @jgreenery) #wwdeye
Amid the Harvey Weinstein controversy, there’s another sector that’s being put under the spotlight for sexual abuse: the modeling industry. While rumors about abuse and sexual harassment of female and male models — and the photographers, agents and others who perpetrated it — have circulated within the fashion world for years, model @cameronrussell started posting stories from models on Instagram last week about abusive situations they’ve encountered — from sexual harassment and molestation to attempted rape. Over 75 have weighed in so far. Read more on WWD.com. Link in bio. #wwdnews
To celebrate its 16th anniversary, @dylanscandybar tapped designers and celebrities to create mosaics out of candy. The mosaics will be auctioned off to support the philanthropic cause of each participant’s choice. Pictured here is the mural created by @aliceandolivia's Stacey Bendet. For a first look at some of the other artwork being unveiled tonight, go to WWD.com. #wwdeye
The annual Veuve Clicquot Polo Classic in Pacific Palisades this weekend drew Kate Hudson, Tracee Ellis Ross, Laura Dern and more. See pictures of the star-studded event on WWD.com. (📷: @chelsealaurenla) #wwdeye
In his new book “Hollywood Royale,” Andy Warhol’s Protégé Matthew Rolston celebrates the Eighties revival of Hollywood glamour. Featuring more than 100 portraits taken by Rolston from 1977 to 1993, the book contains photos of icons like Michael Jackson, Cyndi Lauper, and @drewbarrymore, pictured here in 1991. “Hollywood Royale,” out today, will be accompanied by an exhibition opening at Los Angeles’ Fahey/Klein Gallery on March 1. #wwdeye
"Nowadays when life is not so happy with everything going on in the world, I think people come to me for a little bit of whimsy and color and fun." - Designer Rebecca De Ravenel on her cult-favorite jewelry line. (📸 : @vsteves) #wwd40
“Everyone is talking about how the retail industry is struggling, but I think it’s an incredible time because brands who are doing something different and innovative are setting themselves up for the future,” said @adamgoldston, who founded the luxury athletic brand @apl with his brother @ryangoldsten. The Goldston’s are part of WWD’s 40 under 40: a group of industry notables. See the rest of the list on WWD.com. (📷: @vsteves) #wwd40
@eyeswoon blogger Athena Calderone debuted her first-ever cookbook, “Cook Beautiful,” which is heavily centered on the presentation and visual expression of food. Pictured here are her miso glazed carrots from the book. Get the recipe on WWD.com. (📷: @johnny_miller_) #wwdeye