German retail giant Metro Group’s first-quarter losses narrowed thanks to an improved performance at its domestic supermarket and consumer electronic stores.
In the three months to the end of March, the retailer made a net loss of EUR16m (US$21.1m). The was an improvement on losses of EUR80m recorded last year. EBIT rose to EUR14m from a loss of EUR8m in the year ago period.
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Sales in the quarter reached EUR15.5bn, a slight increase on the EUR15.6bn recorded last year. Adjusted sales were up 0.7%.
In its domestic market, sales edged up 1% to EUR6.1bn.
Metro reiterated its forecast for a decline in earnings for the nine months to the end of September, as the company invests in its cash-and-carry unit and the economy remains “challenging” in southern and eastern Europe.
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