Germany's Metro confirms profit goal after higher Q4 sales

16th January 2013, Comments 0 comments

German retail giant Metro said on Wednesday it was on track to meet its full-year profit targets after sales rose slightly in the fourth quarter.

"Despite tougher market conditions, especially in southern Europe, we succeeded in increasing sales in the fourth quarter," said chief executive Olaf Koch.

"Metro confirms its 2012 forecast for earnings before interest and taxes of around 2 billion euros ($2.6 billion)," he said.

Metro said group sales rose by 0.5 percent to 19.4 billion euros in the period from October to December, bringing the full-year total up by 1.2 percent to 66.7 billion euros.

Last year had been characterised by rising unemployment in Europe and increased austerity measures by governments to curb the sovereign debt crisis, Koch said.

"The resulting consumer reticence had a negative impact on our business development. Taking into account these factors, the sales development was satisfactory, both in the full year and in the fourth quarter," he said.

© 2013 AFP

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