Reuters
Oct 17, 2013
Metro sales recover in key market Germany despite forex hit
Reuters
Oct 17, 2013
BERLIN, Germany - German retailer Metro reported third-quarter sales fell 2.1 percent as it took a hit from volatile foreign exchange rates, but said it was cheered by sales growth in its home market and upbeat for the key Christmas period.
Europe's fourth-biggest listed retailer, which runs supermarkets, department stores and Europe's biggest consumer electronics chain, on Thursday reported third-quarter sales of 15.5 billion euros ($20.9 billion), meeting average analyst forecasts.
Metro Chief Executive Olaf Koch, who is trying to turn around a group hit hard by the downturn in the independent retail and hospitality industries, said improved sales, particularly in Germany, showed the firm was on the right track.
Retail sales in Europe's largest economy Germany, now waiting for a new government to be formed after an election victory by Chancellor Angela Merkel's party last month, rose in August for the first time in three months.
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