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PressMETRO Group divests 137 Extra Supermarkets17.11.2004
In this context METRO Group sells 119 Extra locations to German based Rewe Group as of January 1st, 2005 effectively. The employees affected will be taken over by Rewe. Further 18 Extra stores are going to be disposed or closed. Altogether, these 137 supermarkets represent a sales volume of around € 550 million. Furthermore it is planned to integrate 12 Extra stores into the network of METRO Group’s Real hypermarkets. In this course, Extra’s store network will be focused on the regions Northern and Western Germany. Extra’s store network will comprise a total of some 280 locations in the future.
The measures are subject to the approval of the cartel authorities.
Resulting from these measures METRO Group will incur a low double digit million € amount of non recurring expenses in fiscal year 2004. The Group’s expectation of 6 to 10 percent EPS growth in 2004 does not include these expenditures. With these measures METRO Group reduces its rating relevant corporate indebtness.
In April 2003, METRO Group announced the comprehensive restructuring of its Extra sales division. Since then extensive measures were implemented. Overhead functions were combined and integrated into respective departments at Real hypermarkets and Extra’s regional structures were simplified. Besides that, the optimization of Extra’s store network was accelerated. Having closed numerous stores already, Extra’s store network comprised 443 stores by the end of Q3 2004.
With sales of € 53.6 billion (2003) METRO Group is the world’s fourth-largest retailing company. The company has a headcount of about 250,000 in 28 countries and operates around 2,400 locations. The operating business is performed by the six sales divisions which operate independently in the market: Metro/Makro Cash & Carry – world market leader in cash & carry wholesale, Real hypermarkets, Extra supermarkets, Media Markt and Saturn – market leader in consumer electronics centers in Europe, Praktiker home improvement and DIY centers, and Galeria Kaufhof department stores.
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