Metro Q3 profit rises on higher LFL salesStaff Writer | August 31, 2017
Metro reported that the third-quarter combined profit attributable to Metro group increased to 75 million euros from 52 million euros last year. Earnings per share, on a proforma basis, grew to 0.21 euro from 0.14 euro last year.
Metro Like-for-like sales significantly increased
On February 6, METRO AG decided on the demerger of METRO GROUP into two independent companies, and the demerger became effective on July 12. METRO AG has since been re-named CECONOMY AG, while METRO Wholesale & Food Specialist GROUP has been renamed as new METRO AG. The results are given on a combined basis.
For the third quarter, the earnings before interest and tax or EBIT climbed to 215 million euros from 68 million euros last year. EBIT before special items was 230 million euros, down from 239 million euros last year, mainly due to higher real estate income in the previous year.
Total sales rose 4.9 percent to 9.34 billion euros from last year's 8.90 billion euros, benefiting from positive currency effects and the acquisition of Pro à Pro, the French food service distribution specialist.
Like-for-like sales significantly increased by 2.6 percent.
Regarding the outlook, the company noted that there is no forecast for the rest of financial year 2017 because the demerger and listing of METRO shares took place just recently in mid-July 2017.
With the annual report 2017, METRO will publish a forecast for financial year 2018.
METRO also maintained its mid-term guidance. These include at least 3 percent sales growth, and a stable EBITDA margin of approximately 5 percent. ■