German department store operator Metro reported a wider loss for the second quarter (Q2), hurt by portfolio adjustments, foreign exchange effects, and Easter shift.
The chain’s quarterly sales declined 7.6% to €14.33bn. Net loss attributable to shareholders amounted €269m, significantly wider than €16m in the prior year.
In Germany, second-quarter sales dropped 5.1% to €5.8bn, as shift of the Easter business had a particularly pronounced impact on sales. International sales declined 9.2% to €8.5bn.
Metro Cash & Carry sales during Q2 fell by 3.1%, while it was up 0.8% on a like-for-like basis.
Loss before taxes was €403m, compared to a loss of €125m a year earlier. EBIT was a negative €233m, as against a positive €1m a year ago.
For the first half, sales declined 2.9% to €33.05bn while net profit attributable to shareholders increased to €182m.
Meanwhile, the retailer also confirmed its outlook for financial year 2013/14. Metro said along with Russia, China and Turkey, India will count among its key growth countries in future.
By 2020, the retailer is looking to operate 50 Metro Cash & Carry wholesale stores in India.
Under the brands Metro and Makro, it operates over 750 wholesale stores in 28 countries across Europe and Asia.