German department stores operator Metro AG (MTAGF.PK, MTTRY.PK) reported that its loss attributable to shareholders narrowed to 16 million euros or 0.05 euros per share from 80 million euros or 0.24 euros per share in the year ago quarter.
Loss before special items was 0.01 euros, compared to a loss of 0.24 euros last year.
Loss for the period improved significantly to 16 million euros from last year's 79 million euros, primarily due to the accounted-for tax income of 109 million euros, which increased year-on-year due to the application of the integral approach.
Net sales for the quarter declined 0.9% to 15.50 billion euros from last year's 15.65 billion euros, while Sales edged down 0.7% in local currency.
Sales and earnings guidance has been confirmed for the short financial year 2013.
The company noted that earnings trends in the abbreviated financial year 2013 will be impacted by the uncertain economic situation. As a result, the company said it will continue to closely focus in 2013 and future years on efficient structures and strict cost management.
In the short financial year 2013, the company expects EBIT before special items to increase compared to the level achieved in the corresponding period of the previous year's 706 million euros. The company expect - in spite of the continuing difficult business conditions - to generate moderate growth in sales.
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