Suffers from poor Christmas season across Europe: Metro Group

Metro cashes more than expected from Kaufhof deal

Suffers from poor Christmas season across Europe: Metro Group

Publishing its preliminary figures for fiscal 2014-15 ended Sept. 30, the management of Metro Group said that it netted €1.75 billion from the divestment in Galeria Kaufhof. That was more than originally expected.

Altogether, the department chain’s new owner, Hudson’s Bay of Canada, which officially took Kaufhof over effective Oct. 1, paid some €2.8 billion, but Metro also had to deal with liabilities from Kaufhof.

Metro itself, which publishes its financial report for 2014-15 in December said that the group’s total sales declined slightly by 1.2 percent to €59.2 billion. That development was partly caused by the weakness of the Russian ruble. On a comp store basis, turnover improved by 1.5 percent. Earnings before interests and taxes (Ebit) are expected to be on last year’s level at €1.53 billion excluding non-recurring items and currency effects.

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