Profitable Metro eyes expansion
By George Frey |
August 4, 2009, Tuesday
|
Print Edition
Print Edition
GERMAN retailer Metro AG made a net profit of 48 million euros (US$68 million) in the second quarter, rebounding from a loss a year earlier, while it said it remains focused on expansion despite the global economic crisis.
The result for the April-June period compared with a net loss of 453 million euros in 2008, when it saw charges from the realignment of its Real hypermarkets and Adler fashion stores.
The Duesseldorf-based company, whose interests include the Kaufhof department store chain and electronics retailers Saturn and Media Markt, made money even as sales slipped 3.8 percent to 15.3 billion euros in the second quarter from nearly 15.6 billion euros last year, further evidence that consumers in Europe's largest economy prefer to remain frugal amid the recession.
"In view of the massive economic crisis Metro Group stood its ground well," Eckhard Cordes, the company's chief executive officer, said in the report, although he didn't give a specific overall outlook because of the uncertainty about the economy.
"One important factor for the further development of business in the retail sector is the question to which extent effects will be felt on the labor market," he said.
Germany's economy went into recession last year as the global crisis hit its exports and is set to shrink sharply in 2009, and data yesterday showed a 1.6 percent fall in June retail sales from a year ago.
The result for the April-June period compared with a net loss of 453 million euros in 2008, when it saw charges from the realignment of its Real hypermarkets and Adler fashion stores.
The Duesseldorf-based company, whose interests include the Kaufhof department store chain and electronics retailers Saturn and Media Markt, made money even as sales slipped 3.8 percent to 15.3 billion euros in the second quarter from nearly 15.6 billion euros last year, further evidence that consumers in Europe's largest economy prefer to remain frugal amid the recession.
"In view of the massive economic crisis Metro Group stood its ground well," Eckhard Cordes, the company's chief executive officer, said in the report, although he didn't give a specific overall outlook because of the uncertainty about the economy.
"One important factor for the further development of business in the retail sector is the question to which extent effects will be felt on the labor market," he said.
Germany's economy went into recession last year as the global crisis hit its exports and is set to shrink sharply in 2009, and data yesterday showed a 1.6 percent fall in June retail sales from a year ago.
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