German retailer Metro Group has reported a slump in earnings, as weakening consumer sentiment in Europe hit the group’s 2012 performance.

Metro said that 2012 earnings per share were down 28% to EUR1.89 (US$2.46) for the year. EBIT before special items totalled EUR1.98bn, against EUR2.37bn a year earlier.

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In an announcement on Friday (28 February), Metro also revealed that it is cutting its full-year dividend by 26%. 

However, the group remained upbeat on its 2012 sales, emphasising revenue for the 12 months was up 1.2%. Metro added it has invested in a restructuring and cost-cutting programme that is designed to improve profitability. The retailer reports its full 2012 results on 20 March.

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