Metro Says 4Q Sales Fell Slightly, Says Demerger Plans on Track

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 [e-mail]

(END) Dow Jones Newswires

October 19, 2016 03:06 ET (07:06 GMT)

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