German retail giant Metro has posted a sharp rise in second-quarter operating profit, and raised its sales guidance for 2003.
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Metro, the world’s fifth-largest retailer, reported earnings before interest and tax (EBIT) of €211.5m (US$236.3m) for the second quarter, a 16.4% rise from the year-ago period.
The company posted a 6.3% rise in sales to €12.81bn, in adjusted currency terms, helped by strong performances at its operations in France, Spain, Italy and Eastern Europe.
Metro said it is now expecting 2003 sales growth, before currency effects, of at least 5.5%, compared to a previous forecast of 5%. The retailer also said it expects earnings per share growth at the upper end of its 6-10% forecast range.
Metro’s chief executive, Hans-Joachim Koerber, said he saw signs of a tentative recovery in the company’s domestic market, where sales rose 3.7% in the first six months of the year, reported Reuters.
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