Metro: cuts forecasts for current financial year
(CercleFinance.com) - On Wednesday German retailer Metro reduced its earnings and sales forecasts for the current financial year, due to a continuation of health-related restrictions.
In a statement, Metro said it now expects EBITDA to fall by between 50 and 175 million euros in FY 2020/2021, compared with a decline limited to around 50 million euros previously.
Meanwhile, sales are expected to decline by 3% to 6% year-on-year, compared to a previous forecast of a slight decline in business.
Despite this, Metro shares rose by over 1% on the Frankfurt Stock Exchange following this warning.
Analysts at Invest Securities think that the retailer's statement comes as no surprise given the dragging on of the health crisis and its continuing restrictions on most of the European markets where the group operates.
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