Metro Group satisfied with first quarter results

The operating result of the Group before extraordinary effects declined 49.4 percent to Euro 84 million.

According to a press release, Metro recorded a growth of 5.6 percent in local currency in Eastern Europe, but negative currency effects resulted in a nominal decline by 15.6 percent to Euro 3.5 billion. In Western Europe (excluding Germany), sales declined 2.2 percent to Euro 4.7 billion; before currency effects the decrease was just 1.3 percent, according to Metro. In Germany, Metro recorded a plus of 0.6 percent in the first quarter resulting in sales of Euro 6.2 billion.

The results in Germany were positively influenced by the good performance of the Media Markt and Saturn Group, which recorded sales of Euro 4.6 billion, a plus of 6.4 percent compared with the first quarter of 2008. Without currency effects, Media Saturn’s growth rate were even 8.4 percent, the company said. On the domestic market in Germany, Media Saturn recorded a plus in turnover of 11.7 percent. In spite of high advertising costs related to the company’s 30 years anniversary, the operating result of Media Saturn reached Euro 79 million compared with Euro 75 million in the first quarter of 2008.