Metro Profit Rises, Sticks to Outlook for Full Fiscal Year

By Ellen Emmerentze Jervell

FRANKFURT--Metro AG said Thursday its net profit in the first fiscal quarter rose 35% after strong Christmas sales in its home market in Germany, but the company left its outlook for the full year unchanged.

Europe's fourth-largest supermarket retailer said net profit after special items in the three months ended Dec. 31 was 549 million euros ($620 million) Metro said it benefited from its exit from Vietnam and steady sales despite difficult overall trading conditions.

"This illustrates clearly that we succeeded in growing more attractive for our customers overall," Chief Executive Olaf Koch said.

Metro has in recent months been recovering from years of slumping sales. Earlier this year, Mr. Koch said the company would now refocus on creating growth in its core European market.

In January, Metro reported first quarter sales of EUR17.1 billion, flat compared with the corresponding quarter a year earlier. The company Thursday reiterated its outlook for the fiscal year.

Write to Ellen Emmerentze Jervell at [e-mail]

(END) Dow Jones Newswires

February 11, 2016 01:51 ET (06:51 GMT)

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