BERLIN — Following a year of major restructuring, Metro Group reported record profits. Its net earnings before special items spiked 38.2 percent to 1.14 billion euros, or $1.51 billion. The company’s operating profit before special items increased 19.3 percent to 2.42 billion euros, or $3.19 billion.
As reported, the German retail giant, whose holdings include the Cash & Carry division, Galeria Kaufhof department stores, electronics chains, supermarkets and hypermarkets, posted sales of 67.3 billion euros, or $89.4 billion, up 2.6 percent on-year. Adjusted for currency effects, revenues grew 0.9 percent. In 2010, Metro opened 100 stores in 25 countries.
Dollar figures are converted at an average exchange rate for the period.
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For the current fiscal year, Metro anticipates earnings growth before special items of 10 percent and adjusted sales gains of 4 percent. The retail group said it intends to open several new stores in 2011, including 40 Metro Cash & Carry doors, five Real hypermarkets and at least 70 Media Markt and Saturn consumer electronics stores.