BERLIN – Metro Group reported net profits before special items increased 14.1 percent to 824 million euros, or $1.15 billion, last year.
The company posted an 8.9 percent slide in earnings before interest and taxes (EBIT) before special items to 2.02 billion euros, or $2.31 billion, in the 12-month period ended Dec. 31.
Metro’s sales dropped 3.6 percent to 65.5 billion euros, or $91.3 billion. In local currency, sales rose 0.2 percent.
The company’s core Metro Cash & Carry hypermarket division was the hardest hit by recessionary conditions and currency effects, with its EBIT before special items down 18 percent to 936 million euros, or $1.31 billion.
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The division’s sales declined 7.6 percent to 30.6 billion euros, or $42.7 billion. In local currency, the decrease was 2.5 percent.
Dollar figures are converted at average exchange rates for the period.
Metro maintains its medium-term forecast of more than 6 percent sales growth per year. For 2010, it expects sales to exceed 2009’s but “still fall short of this target level.”
For complete coverage, see Thursday’s WWD.