Germany: Metro anticipates surge in profits
German retailer Metro has announced that it expects its profits for the full financial year to be higher than its previous estimates.
German wholesale giant Metro has reported higher underlying profits and results for a short nine month financial year. Metro booked EBIT before special items of EUR2bn, reportedly boosted by real estate sales.
Looking ahead to its new fiscal year, Metro now expects EBIT before special items in 2013/14 to "markedly exceed" EUR1.7bn. Meanwhile sales were up 0.9% at EUR45bn for the nine-month period, taking to account changes in its overall network, such as the sale of Real stores in Russia, Romania and Ukraine, as well as foreign exchange fluctuations.
“All sales lines have further driven and consistently implemented their strategies during the short financial year – always with a focus on our primary objective of creating value added for the customer”, stated Metro CEO Olaf Koch.
Source: Just Food