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Metro: guidance confirmed as quarterly sales and profit rise

(CercleFinance.com) - German retailer Metro reported a rise in quarterly sales and profit on Tuesday, despite a "challenging market environment.

The Düsseldorf-based group - which recently parted ways with its consumer electronics unit Ceconomy - announced that its Q1 2017/2018 sales rose 0.2% to 10.1 billion euros.

Like-for-like sales growth reached 0.8% in the past quarter.

Earnings before taxes (EBT) grew to 392 million euros, from 372 million euros one year earlier, while profit for the period amounted to 236 million euros, down from 128 million euros.

However, the wholesale division's quarterly results were in particular hurt by falling sales in Russia and negative currency effects, Metro said.

For FY 2017/2018, the retailer still expects to see a slight rise in overall sales, despite the persistently challenging economic environment.

Metro shares are currently up 1% at 17.6 euros.

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