Metro ‘Will Correct Russia Situation Soon, CEO Says
The chief executive of Metro AG is hopeful that the German retailer will turn around its Russian business soon, he said on Monday.
"I am very optimistic we will correct that situation in the near future," Olaf Koch told an event in Berlin to promote Metro's cooperation with start-ups, describing the problems in Russia as "a bit of a hiccup".
Metro said last month it hopes to stabilise its shrinking Russian business in the coming months after overhauling management and introducing bulk discounts to attract more independent traders and restaurant owners.
In mid-May, Metro AG reported a 1.7% increase in sales in its Real hypermarket business for the first half of the year, with the division posting sales of €3.77 billion for the period.
Overall, Metro AG posted a 1.3% increase in like-for-like sales, of €18.56 billion, for the first half. Reported sales were down by 0.3%.