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Dec. 13, 2018, 3:08 a.m. EST

Metro earnings up, but sales pull back

By Nathan Allen

Metro AG (B4B.XE) said Thursday that its profit rose in the 2018 fiscal year despite a slight drop in overall sales, which were hit by unfavorable currency swings.

The German retailer said net profit for the year was up 5.9% to 344 million euros ($390.3 million) compared with EUR325 million a year earlier.

However, sales fell by 1.6% to EUR36.53 billion from EUR37.14 billion, the company said. In local currency terms, sales were up 1.5%, Metro said.

The company declared a dividend of EUR0.70 a share.

Metro said it expects sales growth of between 1% and 3% for the 2019 fiscal year, while adjusted earnings before interest, taxes, depreciation and amortization are forecast to grow between 2% and 6%.

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