Metro Reports Higher Earnings Ahead of Demerger
December 14 2016 - 3:45AM
Dow Jones News
By Ulrike Dauer
FRANKFURT--Metro AG (MTTRY) posted a 31% rise in fourth-quarter
adjusted earnings before interest and tax on the year, because of
improvements at its Metro Cash & Carry and Media-Saturn
divisions.
The German retail and wholesale group kept the dividend for
fiscal year 2016 unchanged at EUR1 ($1.06) a share, ahead of the
company's split into two entities.
Adjusted earnings before interest and taxes rose to EUR568
million ($604 million) in the quarter, beating a Dow Jones average
forecast of EUR471 million. The adjustment is for currency effects.
For the full year, it was EUR1.56 billion, up 3.2% and in line with
company guidance.
Net profit in the final quarter rose 12% to EUR251 million. For
the full year, net profit fell 10.9% to EUR599 million.
Analysts await an update on the group's separation into two
listed entities, one for wholesale and food, combining the Metro
Cash & Carry and Real brands, and one for consumer electronics.
Metro said the split was on track for mid-2017.
In October, Metro reported sales declines for the fourth quarter
and for the full year.
The company will update on strategy and financial targets
Wednesday and Thursday. Christmas holiday sales figures are due
Jan. 10.
Write to Ulrike Dauer at ulrike.dauer@wsj.com
(END) Dow Jones Newswires
December 14, 2016 03:30 ET (08:30 GMT)
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