Metro released Q1 15/16 sales which show revenues of €17.1bn, down 1.5% due to forex (the Russian rouble in particular) and portfolio changes. Lfl sales were rather flat (+0.1%). By division, lfl sales were up +0.2% at C&C, while reported sales were down 2.4% on portfolio changes (Denmark, Greece, Vietnam). Lfl sales at MMS were up 0.4% (+0.2% reported). Lastly, lfl sales at Real were down 1.6% (-3.8% reported after store closures).