German retailer Metro AG has reported on its results for the first half and second quarter of the year, with sales falling and in turn hitting the group's overall earnings.
For the second quarter, total sales dropped 3.6 per cent year-on-year to €15.3bn, hit by falls both domestically and overseas.
In Germany, sales fell 2.4 per cent to €5.8bn, while western Europe (down 5.4 per cent to €4.6bn) and Eastern Europe (down 4.7 per cent to €4bn) also striggled, although there was slight growth in the group's Africa/Asia segment of 5.3 per cent to €800m.
This meant that sales for the first six months of the year came in at €30.8bn, down 2.3 per cent on the previous year or 1.9 per cent in local currency terms.
EBIT before special items fell from €315m to €276m for the second quarter, the result of lower sales, proce investments and adverse effects from strikes, the group revealed.
'The disposable income and purchasing power of our customers in nearly all European countries was still burdened by austerity measures', said Olaf Koch, chairman of the management board of Maetro. 'Nevertheless, we continued to significantly strengthen our balance sheet and achieved overall a positive business development. This is also one of the reasons why we remain convinced to fulfil our sales and earnings guidance for the year 2013.'
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