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PressH1 burdened by special items - Outlook 2008 confirmed25.07.2008
Streamlining Real’s store network is, in addition to sharpening Real’s brand, an important element of the restructuring programme. Until the beginning of 2010, Real will dispose of 27 underperforming stores. Consequently and as previously announced at the presentation of the financial statements in March, one-off expenses of around €237m will be incurred in Q2 2008.
Against the backdrop of a weak H1 development in a very difficult overall clothing market environment, METRO Group has decided to accelerate the disposal of the Adler fashion stores. In this context, the valuation for the Adler group decreases due to the revised plan. Hence, non-cash effective expenses amounting to €312m from the full goodwill amortization and around €63m other expenses will be incurred in Q2 2008.
These aforementioned expenses are special items, which are not included in METRO Group’s 2008 EBIT-guidance. METRO Group’s 2008 earnings target remains unchanged with earnings growth expected to track between six and eight percent before special items. These expenses will not affect management’s dividend proposal for the financial year 2008.
"Streamlining Real’s store network is an important milestone in our restructuring programme at Real in Germany. The Adler fashion stores are not a strategic business in the Group’s portfolio. By adjusting the value we will have more flexibility to focus better on the development of our growth drivers. METRO Group must consistently work on its weak points und concentrate more than before on its international growth potential" said Dr. Eckhard Cordes, CEO of METRO Group.
METRO Group is one of the largest and most international retailing companies. In 2007 the Group reached sales of around € 64 billion. The company has a headcount of some 280,000 employees and operates over 2,200 stores in 31 countries. The Group’s performance is based on the strength of its sales divisions which operate independently in their respective market segment: Metro/Makro Cash & Carry – the international leader in self-service wholesale, Real hypermarkets, Media Markt and Saturn – European market leader in consumer electronics retailing, and Galeria Kaufhof department stores.
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