German retail major Metro Group has reported total sales of €2.51bn for the second quarter ended 6 March 2013, representing a 2.6% drop over 2012 figures.
The decrease is primarily from the shift in the important week preceding Christmas, the closure of a few unprofitable stores in Ontario, as well as the loss of sales in pharmaceutical division.
Net earnings for the second quarter of 2013 were $366.8m, an increase of 281.7% over net earnings of $96.1m for the same quarter of 2012.
Adjusting for the Christmas week shift, same-store sales were flat compared to last year.
Earnings before financial costs, taxes, depreciation, and amortization (EBITDA) for the second quarter of 2013 was $180m, up 3.1% from $174.6m.
Metro president and chief executive officer Eric La Flèche said, "We are pleased with our 2013 second quarter net earnings growth which was achieved despite the Christmas week sales shift versus last year."
For the first 24 weeks of 2013, sales reached $5.218bn compared to $5.213bn for the corresponding period of fiscal 2012.
The rise in sales was the result of very low food inflation, increased competition, the closure of underperforming stores, and the temporary problems at our pharmaceutical product warehouse.
EBITDA for the first 24 weeks of 2013 was $368.2m. Net earnings reached $488.2m, up 144.3% from $199.8m for the corresponding period of 2012.
Metro is a German global diversified retail and wholesale/cash and carry group. It operates across Europe, Asia and Africa.
