Metro AG (MEO), Germany’s biggest retailer, reported a wider-than-expected first-quarter loss because of price cuts at its electronics division and spending on reorganization.
The net loss was 82 million euros ($108 million) compared with a 3 million-euro loss a year earlier, the Dusseldorf-based company said today in a statement. The average estimate of nine analysts compiled by Bloomberg was a loss of 55.6 million euros. Metro reiterated that earnings this year are likely to equal last year’s level.
First-quarter revenue rose 2.2 percent to 15.6 billion euros, matching estimates, as growth was held back by a 1.2 percent drop in western Europe, excluding Germany. Economic confidence in the euro area declined more than economists forecast in April as the region’s slump showed signs of deepening, a report showed on April 26.
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