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METRO Q3 LFL Sales Up 3.4%; Rejects Takeover Offer By EPGC - Quick Facts

METRO reported that its third-quarter like-for-like sales increased by 3.4% from previous year. In its core business wholesale, METRO recorded 24th consecutive quarter of like-for-like growth. The company said the sales growth was driven by all regions except Russia. Sales and earnings in the quarter were in line with expectations for the financial year 2018/19.

For the third-quarter, profit from continuing operations was at 110 million euros, flat with prior year. Earnings per share from continuing operations was at 0.30 euros, in line with last year. EBITDA excluding earnings contributions from real estate transactions was 316 million euros compared to 305 million euros, a year ago. Third-quarter sales improved 2.8% to 7.55 billion euros.

Separately, METRO said its Management Board and the Supervisory Board have recommended that shareholders do not accept the takeover offer EP Global Commerce VI GmbH, a holding company controlled by Daniel Kretínský. The Board believes the offer prices for ordinary and preference shares do not reflect the company's fundamental value.

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