Metro Group, the German retail giant, has seen first-quarter losses fall on the back of cost-cutting moves and higher sales.
The group’s net loss stood at EUR16m (US$21.3m) for the three months to the end of March – compared to EUR98m a year earlier. Sales rose 2.3% to EUR15.5bn.
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“In some countries, the worst of the economic crisis seems to be over. Although the situation remains challenging, we see a first economic silver lining on the horizon”, said CEO Dr. Eckhard Cordes.
Metro has targeted savings of EUR1.5bn by 2012, with its Metro Cash & Carry wholesale unit the focus of the cuts.
As part of the restructuring, Metro will also split its international wholesale operations into two units – one for Europe, Middle East and North Africa and one for Asia and new markets.
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