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Metro Group (DB:MEO) 3Q16 RESULTS: RESTRUCTURING COSTS, WEAK ROUBLE, GEOPOLITICAL TENSIONS IMPACT PERFORMANCE

Executive Summary

  • Metro Group reported net sales of €13.6 billion in3Q16, a fall of 2.7% from 3Q15, close to the consensus estimate of €13.8 billion. In local currency terms, sales grew by 0.4%.
  • Comps were flat and the operating margin declined by 152 points.
  • Reported EPS was €(0.07) for the period, down 120% from 3Q15, but missed the consensus estimate of €0.02.
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