Shares in German retailer Metro beat a lower Dax index on Tuesday after the company reported a near doubling in its quarterly earnings per share in its financial first quarter of 2017/18.
Dusseldorf-based Metro said earnings per share rose to 64 euro cents in the period, up from 34 cents in the same period a year ago.
Other first-quarter highlights
- Like-for-like sales increased by 0.8%; reported sales rose by 0.2% to €10.1bn
- Earnings before interest, tax, depreciation and amortisation rose to €608m from €565m a year ago
- Net profit reached €236m from €128m 12 months ago
- Net debt increased to €2.8bn from €2.6bn
- Cash flow from operations dipped to €600m from €700m
The company said it was confident of its ability to significantly improve earnings at stable exchange rates and forecast a 10% rise in core earnings excluding real estate transactions.
Chief executive Olaf Koch (LEFT) said in a statement: "Overall, we achieved our earnings targets in the first quarter and remain committed to our guidance for financial year 2017/18."
The shares rose 0.68% to €11.18 on the Frankfurt Stock Exchange in late morning trade, outperforming the Dax index, which fell 0.33%.
Picture courtesy of Metro corporate website