Kaufhof remains flat in financial 2013

This morning, Metro Group presented its figures for the financial year 2013, which are subject to a change in the retailer’s reporting system. The year had only nine months and ended Sept. 30. In this short fiscal year, Metro reached total sales of €46.3 billion, down by 2.2 percent compared with the first nine months of 2012. Olaf Koch, the group’s chief executive, explained that the negative evolution derived from currency effects, economic difficulties in various European countries as well as from divestments, notably of the Real food chain in Romania. Galeria Kaufhof, the subsidiary operating department stores in Germany and Belgium, improved by 0.9 percent on a comp store basis for the year and by 1.1 percent in the third quarter. Kaufhof’s sales, including those of the 13 Sportarena outlets, reached €2.1 billion for the short year, which were generated by an unchanged 137 points of sale. Meanwhile, Kaufhof is checking out business opportunities in Luxembourg, where the company’s Belgian subsidiary, Galeria Inno, may open the country’s first Galeria department store by 2015.

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