World Cup fails to kick start Metro AG
Source: Agencies |
August 3, 2010, Tuesday
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Print Edition
Print Edition
SECOND-QUARTER earnings at German retail group Metro AG fell 15 percent even as the football World Cup helped sales of TVs at the Media Markt and Saturn chains and boosted revenue, the company said yesterday.
Metro reported net earnings of 44 million euros (US$57 million) for the April-June quarter, compared with 52 million euros last year. Revenue was up 2.4 percent to 15.71 billion euros from 15.34 billion euros.
The earnings figure disappointed investors, and Metro was the worst performer on Frankfurt's DAX index of blue-chip stocks - falling 1.1 percent to 42.15 euros in morning trading.
The environment "continues to be challenging" although the economic recovery is solidifying, said Metro, based in Duesseldorf.
"Even if the crisis is not over yet, we see clear silver linings on the horizon in an increasing number of countries," said CEO Eckhard Cordes.
The company said it was increasing its capital expenditure budget for this year by 200 million euros to 2.1 billion euros.
That "is a sign of our confidence," Cordes said. "We are focusing more on growth and expansion again - the period of caution is over."
Electronics stores Media Markt and Saturn saw a "noticeable boost in sales" in the second quarter thanks to the World Cup, with televisions and large domestic appliances selling well, Metro said.
Quarterly revenue for the two chains was up 9.3 percent at 4.4 billion euros, while revenue at the company's biggest division - its Metro Cash & Carry stores - was up 0.6 percent at 7.7 billion euros.
Revenue from Real supermarkets edged down 0.1 percent to 2.8 billion euros, while Kaufhof department stores saw revenue drop 2.6 percent to 800 million euros.
The group's net earnings for the first half of the year came in at 27 million euros.
Metro reported net earnings of 44 million euros (US$57 million) for the April-June quarter, compared with 52 million euros last year. Revenue was up 2.4 percent to 15.71 billion euros from 15.34 billion euros.
The earnings figure disappointed investors, and Metro was the worst performer on Frankfurt's DAX index of blue-chip stocks - falling 1.1 percent to 42.15 euros in morning trading.
The environment "continues to be challenging" although the economic recovery is solidifying, said Metro, based in Duesseldorf.
"Even if the crisis is not over yet, we see clear silver linings on the horizon in an increasing number of countries," said CEO Eckhard Cordes.
The company said it was increasing its capital expenditure budget for this year by 200 million euros to 2.1 billion euros.
That "is a sign of our confidence," Cordes said. "We are focusing more on growth and expansion again - the period of caution is over."
Electronics stores Media Markt and Saturn saw a "noticeable boost in sales" in the second quarter thanks to the World Cup, with televisions and large domestic appliances selling well, Metro said.
Quarterly revenue for the two chains was up 9.3 percent at 4.4 billion euros, while revenue at the company's biggest division - its Metro Cash & Carry stores - was up 0.6 percent at 7.7 billion euros.
Revenue from Real supermarkets edged down 0.1 percent to 2.8 billion euros, while Kaufhof department stores saw revenue drop 2.6 percent to 800 million euros.
The group's net earnings for the first half of the year came in at 27 million euros.
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