May 15, 2018 / 5:35 AM / 7 months ago

Metro says has taken steps to restore growth in Russia

BERLIN, May 15 (Reuters) - German retailer Metro said on Tuesday it has taken steps to restore growth in its Russian business after falling sales there prompted it to cut its guidance last month.

Metro said group sales for the second quarter of its 2017/18 fiscal year fell 0.8 percent to 8.4 billion euros ($10 billion), while it reported a loss per share of 0.14 euros, both lower than average analyst forecasts, according to Thomson Reuters data.

Metro earlier this month appointed Philippe Palazzi as its new chief operating officer, replacing Pieter Boone, who was responsible for the Russia business that prompted the German retailer to cut its guidance, hitting its shares. (Reporting by Emma Thomasson Editing by Maria Sheahan)

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