July 23, 2019 / 4:47 PM / a month ago

Metro increases sales and core earnings, but Russia drags

FRANKFURT, July 23 (Reuters) - German wholesaler Metro said like-for-like sales increased by 3.4% in its fiscal third quarter, with growth driven by all regions except for its troubled Russian division.

Core earnings before interest, taxation, depreciation and amortisation (EBITDA), excluding real estate transactions, rose by 3.7% to 316 million euros ($352 million), the company said in a statement after the market close on Wednesday.

“The sales growth was driven by all regions except Russia, and even here we are on the right track,” CEO Olaf Koch said. He also said talks with Redos to sell its Real hypermarkets were going well and exclusivity would be maintained. ($1 = 0.8967 euros) (Reporting by Douglas Busvine. Editing by Jane Merriman)

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