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November 4, 2009

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Metro feels pinch of recession

GERMAN retailer Metro AG said yesterday its net income for the third quarter fell 55 percent as the company saw a number of negative earnings effects, including currency rate fluctuations and deflationary trends in key food categories.

Metro, based in Duesseldorf, said net income for the period fell to 97 million euros (US$144 million) from 214 million euros in the July-September period of 2008.

Revenue for the period fell to 15.6 billion euros from 16.3 billion euros in the year-ago quarter, a 4.2 percent decline.

Metro said Western European revenue was flat during the first nine months of the year at 14.7 billion euros. The company said the trend was better than the rest of the market. Eastern European revenue fell by 13 percent to 11.2 billion euros, largely because of currency effects.

Meanwhile, revenue from the Asia and Africa region increased 9.2 percent to 1.8 billion euros over the nine months.

The company last week announced it could open between 15 and 20 of its wholesale Cash & Carry stores in Egypt and Kazakhstan in coming years.


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