German retail group Metro today [Tuesday] forecasted a 10% increase in earnings per share this year, on sales forecast up 6% to exceed €52bn (US$45.73bn) in the full year.
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Group chief executive Hans-Joachim Koerber told a press conference “business figures for March already indicate a stimulation in the domestic arena”. Koerber’s words echo optimistic forecasts by French and Dutch counterparts Carrefour and Ahold, which both recently said they expect to report a 10% improvement in earnings per share during the year in progress.
The world’s fifth largest retailer, Düsseldorf-based Metro reported net profit up 6.3% to €449m (US$394.9m) in 2001 in line with market expectations, with this growth spearheaded by a strong performance at its Cash & Carry division. Earnings per share for 2001 rose by 12% to €1.23, outstripping internal forecasts of 10%.
EBITDA (earnings before interest, tax, depreciation and amortisation) climbed 9.2% to €2.38bn, while EBIT rose 10.3% to €1.13bn. However, pre-tax profits failed to meet forecasts, slipping 10.7% to €673m, attributed in part to writedowns in Metro’s investment portfolio.
Foreign sales increased to account for 44.4% of overall revenue, up from 42.2% the previous year. Metro has previously announced plans to generate 50% of sales abroad by the end of next year.
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