Metro Reports Slightly Weak First-Quarter 2017 Sales
No-moat Metro, the diversified German retailer set to demerge this summer, reported slightly weak first-quarter 2017 sales ending December 2016. At 0.1% like-for-like, or LFL, growth, the figures were not far from our full-year expectation for growth of 0.6%. The gap relative to our expectations is small and it is early in the year, so we are making no changes to our earnings estimates, our EUR 35.00 fair value estimate, or our no-moat rating.Each of the three business units performed slightly ...
Metro is a holding company. Through its subsidiaries, Co. is engaged in retail and wholesale. Co.'s operations are divided into four divisions: Metro Cash & Carry, Real, Media-Saturn and Galeria Kaufhof. The Metro Cash & Carry division operates in the cash and carry sector in Europe, Asia and Africa. The Real division is a hypermarket operator in Germany where it operates both stationary stores and an online store. The Media-Saturn division provides an assortment of brand products in consumer electronics retailing. The Galeria Kaufhof division operates department stores in Germany and Belgium. Co. is also a property manager through METRO PROPERTIES GmbH & Co. KG.
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