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Metro Sales Slip 3.3% in Q1

The German retailer cited soft Christmas business and muted demand for apparel.

BERLIN — Portfolio changes, currency effects and a soft Christmas business negatively impacted Metro Group’s first-quarter sales.

In preliminary figures released today, the German cash & carry, department store, hypermarket and electronics retail group reported a group sales decline of 3.3 percent to 18.7 billion euros, or $25.45 billion, for the three months ended Dec. 31.
 
Dollar figures are converted from the euro at an average exchange rate for the period to which they refer.

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The group said the decline was “mainly due to negative currency effects in many parts of Eastern Europe and Asia as well as the missing sales of Real Russia, Romania, Ukraine and Media Markt China.”
 
Adjusted for currency effects and portfolio changes, group sales rose by 1.1 percent in the quarter.
 
Sales at the 762-door Metro Cash & Carry division slipped 1.2 percent to 8.5 billion euros, or $11.57 billion. In like-for-like  terms, sales grew 0.9 percent.
 
At Galeria Kaufhof, the group’s 137-door department store division,sales were flat at 1 billion euros, or $1.36 billion. Mild weather conditions dampened demand for apparel, Metro noted.
 
Earnings for the quarter are to be released on Feb. 11.