Retailer METRO increases sales, profit

Germany's Metro Dusseldorf - International retailer METRO reported good third-quarter growth on Thursday, buoyed by a strong performance in Eastern Europe, Asia and Africa.

Sales and profits were up by more than 6 per cent despite indications that the global financial crisis was having an affect on consumption, the Dusseldorf-based company said in a statement.

"METRO Group showed strength in a difficult environment," said Eckhard Cordes, the group's chief executive officer.

Global sales increased by 6.7 per cent to 16.3 billion euros (21.1 billion euros), while earnings before interest and tax climbed 6.3 per cent to 361 million euros.

METRO and operates more than 2,100 stores in 32 countries and has a global workforce of 290,000.

In Eastern Europe, sales during the first nine months rose by 13.8 per cent to 9.3 billion euros. In Asia/Africa sales grew 14.2 per cent 1.4 billion euros.

"During the past nine months our business has continued to grow strongly," Cordes said.

He said the company hoped to maintain profit targets for the current year of between 6-8 per cent.

"However, it is difficult to ascertain the impact of the global financial crisis on sales, procurement and financing," Cordes said. (dpa)

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