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April 29, 2008

GERMANY: Eastern Europe boosts Metro profits

Germany’s largest retailer Metro Group posted an increase in operating profit of around 14% for the first quarter of 2008 as growth in Eastern Europe offset slowing sales at home.

Germany’s largest retailer Metro Group posted an increase in operating profit of around 14% for the first quarter of 2008 as growth in Eastern Europe offset slowing sales at home.

The group’s EBIT rose to EUR152m (US$237m) from EUR134m a year earlier, while group sales saw an increase of 7.3% to EUR15.6bn.

Eckhard Cordes CEO said that Eastern European wholesale sales were “very satisfactory” and that the Real chain is refurbishing stores in a bid to stem losses.

Internationally, Metro sales increased in the first quarter by 12.1% to EUR9.3bn and in Western Europe sales rose 4.8% to EUR4.8bn.

Metro reported that it forecast sales growth of more than 6% this year with the opening of 40 Cash & Carry stores, 70 Media Market and Saturn sites and 15 Real branches.

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