German-based retail giant Metro Group has posted an improvement in performance in its first financial quarter of 2014/2015.
From October to December, net debt fell €0.9bn (US$1.02bn) to €1.5bn (US$1.7bn), which the group says is the lowest in ten years.
While international sales fell 38 per cent to €10.6bn (US$11.99bn) compared to the same period last year, sales in Asia/Africa grew by 10.5 per cent to €1bn (US$1.3bn).
“Adjusted for negative currency effects, our earnings were actually higher than in the same quarter of the previous year,” said Olaf Koch, Metro chairman, in a company statement. “At the same time, the group made significant progress in its debt reduction efforts. Overall, we remain confident that we will achieve our sales and earnings targets for the full year.”
Metro’s wholesale subsidiary Metro Cash & Carry recorded its sixth consecutive quarter of like-for-like sales growth, with sales in Asia/Africa increasing 10.5 per cent.
Metro sold its Greek wholesale brand in January 2015, as well as its19 cash and carry stores in Vietnam in August last year.
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