German retail titan Metro today [Thursday] reported a robust set of third quarter operating profits.
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The world’s fifth-largest retailer outstripped expectations by posting a 16.1% rise in earnings before interest and tax (EBIT) to €188m (US$185m). Analysts had widely forecast EBIT at €171m.
The company said it still expected to deliver its stated goal for 2002 for a 10% rise in earnings per share.
Sales in the quarter climbed 7.2% to €12.36bn, again bettering analysts’ expectations. A downturn in consumer demand led it nevertheless to cut back its 2002 sales targets, which it now puts at a 5-5.5% increase, down from earlier forecasts of 5.5-6%.
The company’s core cash & carry business performed most robustly, while the electronic consumer goods arms Media Markt and Saturn also saw sales rise in the period under review.
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By GlobalDataMetro has also announced the appointment of Stefan Feuerstein to its management board. For further information, click here.
