Metro: cuts 2017/2018 outlook due to Russia
(CercleFinance.com) - Late on Friday German retailer Metro AG cut its outlook for the financial year 2017/18 on the back of a disappointing performance in Russia.
Metro cut its outlook for earnings and sales, saying it now expects EBITDA to increase "slightly" - instead of by approximately 10%.
Metro also said that it now expects growth of at least 0.5% in the financial year 2017/18, instead of growth of over 1.1%, adjusted for FX factors.
In a press release, the retailer said Russia is currently developing "less favorably than expected," while it expected a significant improvement in the country for the second half-year.
As a result, the stock is currently tumbling 9.6% to under 11.9 euros in Frankfurt this morning.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
Metro cut its outlook for earnings and sales, saying it now expects EBITDA to increase "slightly" - instead of by approximately 10%.
Metro also said that it now expects growth of at least 0.5% in the financial year 2017/18, instead of growth of over 1.1%, adjusted for FX factors.
In a press release, the retailer said Russia is currently developing "less favorably than expected," while it expected a significant improvement in the country for the second half-year.
As a result, the stock is currently tumbling 9.6% to under 11.9 euros in Frankfurt this morning.
Copyright (c) 2018 CercleFinance.com. All rights reserved.