Good results for Metro

Germany

Thursday 04 November 2010

Good quarterly results that announce an annual output close to the figures from before the 2008 crisis.

The German giant, Metro AG, has published results for the third quarter better than expected.

Metro AG said net profit for the third quarter increased by € 149 million, Group sales totaled € 16.3 billion.

The company now expects a profit for the year of € 2.3 billion, more than 100 million higher than earlier estimates.

This performance is the result of cost reduction, restructuring, and increased sales.

Metro has recorded sales growth in all its units, the chain Cash & Carry chain, Real hypermarkets, shopping consumer electronics and department stores.

Asia and Africa saw the strongest growth with sales up 24%. Sales rose 10% in Eastern Europe with Russia, and 0.2% in Germany.

Source : wall street journal.