Real

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Sales at Real declined by 4.9% to €2.6 billion. Adjusted for currency effects, sales were almost stable with a slight decline of 0.6% despite the aforementioned calendar effects. In like-for-like terms, sales decreased by 1.4%.

In Germany, sales amounted to €2.0 billion and were 3.6% below prior year’s quarter. Like-for-like sales declined by 2.5%. This development was mainly influenced by the afore-mentioned calendar and price effects. The customer frequency remained satisfactory. The share of sales of the food private labels (Tip, Real Quality, Real Bio and Real Selection) significantly increased further to more than 16%. Therewith, the repositioning made further important progress.

The business in Eastern Europe continued its very successful development. Although in Euro terms, the region showed a decline by 9.1% to €0.6 billion; adjusted for currency effects, sales increased significantly by 11.3%. Apart from Turkey, all countries contributed to this growth. Despite the negative calendar effects, like-for-like sales also increased by 2.5%.

The international share of sales declined from 23.4% to 22.3% due to the currency impact.

The earnings development was mainly impaired by currency and calendar effects. EBITDA came in at €-8 million in Q1 2009 (Q1 2008: €2 million). Real’s EBIT amounted to €-56 million (Q1 2008: €-43 million), especially due to the missing Easter business.

Capex totalled €18 million (Q1 2008: €40 million) and included remodellings as well as assets for the new hypermarket in Constanta, Romania opened on 2 April. Two unprofitable stores were closed down in Germany.

At the end of March, the store network comprised 437 stores, thereof 341 in Germany and 96 in Eastern Europe.

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