News
18.01.2010
Germany. Metro posts 3.6 percent sales drop in 2009
German Metro, the world’s third biggest retail group announced that its sales fell by 3.6 percent to €65.5 billion ($95 billion) in 2009.
The euro’s unfavorable exchange rate was one of the reasons of such decline, while analysts had forecast slightly higher sales of €65.9 billion.
The drop in sales in Germany, Metro’s homeland and its main market, amounted to 0.6 percent at €20.9 billion despite the country's worst post-war recession.
In Eastern Europe the drop in sales amounted to a 12.8 percent due to the fall of local currencies against the euro. Without the foreign exchange effect, they would have gained 1.4 percent, Metro said.
Meanwhile Metro’s boss Eckhard Cordes said that the company was able to develop its position in many markets during this unprecedented crisis.
The group has launched a cost-reduction program aimed at saving €1.5 billion by 2012, and increased its investment budget to 1.9 billion from 1.6 billion previously.
Metro plans to open many new stores this year, mainly in Eastern Europe and Asia, and is aiming in particular to start a massive expansion of China.
FoodBizDaily.com
