Metro Group (DB:MEO) 1H17 Results: Flat Sales Trends

Executive Summary

• Metro Group has demerged into two entities, splitting its consumer electronics retailing business (Media-Saturn) and its food retailing/wholesaling division (Metro Cash & Carry and Real). In terms of reporting, the Media-Saturn division has been classified as continuing operations, and the Metro Cash & Carry and Real businesses are now classified as discontinued operations.
• Media-Saturn reported net sales of €12,151 million in 1H17, flat versus the same period last year. Constant currency sales were also flat. Comparable store sales increased 0.1% year over year.
• Media-Saturn expects a slight year-over-year increase in sales and EBIT for FY17.