International sales help underpin Metro earnings

Frankfurt - Germany's biggest retailer MetroGermany's biggest retailer Metro AG reported Tuesday an almost 14-per-cent jump in first-quarter earnings helped along by a solid rise in revenue from the group's expanding international business.

Dusseldorf-based Metro, which has operations across Asia as well Western and Eastern Europe, said its earnings before interest and tax (EBIT) rose to 152 million euros (237 million dollars) in the first three months of the year with group sales increasing 7.3 per cent to 15.6 billion euros.

But while revenue in its domestic German market edged up by a marginal 0.9 per cent to 6.3 billion euros, Metro's revenue from its international operations jumped by 12 per cent to 9.3 billion euros with three-fifths of its revenue now derived from outside Germany.

Metro went on to confirm its forecast for sales growth of more than 6 per cent this year, slightly down from last year as resurgent inflation and economic uncertainty hit consumer spending.

The retailer's new chief Eckhard Cordes has already flagged plans to begin selling off several of the group's assets, including the German department store chain Kaufhof. (dpa)