Leaving Germany will cost Walmart USD 863m

15th August 2006, Comments 0 comments

15 August 2006, BENTONVILLE, ARKANSAS - Its withdrawal from the German market will cost the world's biggest retailer Walmart 863 million dollars, the company announced from its US headquarters Tuesday. Walmart sold its 85 German branches to German market leader Metro. The loss incurred from the sale of the German operation would be recorded in Walmart's accounts for the second quarter of 2006-2007, a spokesman for the company said Tuesday. Walmart earned 2.1 billion dollars in the second quarter, which was

15 August 2006

BENTONVILLE, ARKANSAS - Its withdrawal from the German market will cost the world's biggest retailer Walmart 863 million dollars, the company announced from its US headquarters Tuesday.

Walmart sold its 85 German branches to German market leader Metro.

The loss incurred from the sale of the German operation would be recorded in Walmart's accounts for the second quarter of 2006-2007, a spokesman for the company said Tuesday.

Walmart earned 2.1 billion dollars in the second quarter, which was 25.7 per cent down on earnings for the same period in the previous year.

Earnings per share fell by 50 cents in the second quarter.

The US company announced its decision in July to sell the loss- making German business to Metro after over eight years in Germany.

DPA

Subject: German news

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