German retailer Metro Group has closed its short financial year with what it has called a 'positive performance', with the company strengthening its relevant balance sheet figures during the 12-month period.
EBIT before special items came in at €728m, €22m up from the prior-year value, the group revealed, while adjusted for portfolio changes and currency effects, sales climbed by 0.9 per cent year-on-year.
'In 2013, we achieved what we set out to do in terms of both, sales and EBIT', said Olaf Koch, chairman of the management board of Metro. 'Especially the improved like-for-like sales trend is very encouraging. For the financial year 2013/14, we therefore expect to markedly exceed the adjusted EBIT before special items'.
With net debt reduced by more than €2bn and a further improvement in its cash flow, Metro also continued to strengthen its economic substance in 2013.
'All sales lines have further driven and consistently implemented their strategies during the short financial year – always with a focus on our primary objective of creating value added for the customer,' Koch continued. 'And we are seeing success: in many countries, we have further extended our market share.
'We will continue to pursue the transformation of Metro Group in financial year 2013/14 and support it in the perception of the public with a new brand appearance,' he added. 'In addition, we will also be celebrating the 50th anniversary of Metro Cash & Carry in 2014: for our customers, this will mean many great offers throughout the year and for us an important impetus for our business.'
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