Metro Group has announced that it 'significantly raised' its earnings during the first quarter of 2011, with EBIT before special items climbing 6.6 per cent to €145m, up from €136m in the same period of 2010.
According to Metro, the rise was the result of cost savings, as well as productivity gains in the shape of the retailer's Shape 2012 initiative.
Sales came in at €15.5bn, identical to the previous year, achieved despite a later Easter business and lower sales both in Germany (down 2.6 per cent) and western Europe (down 1.9 per cent).
Growth was recorded elsewhere, however, with Eastern European sales up 2.5 per cent to €3.8bn, and Asian/African sales jumping 22.5 per cent to €900m.
'We again strengthened our earnings performance,' said Dr Eckhard Cordes, chairman of the management board of Metro. 'This was achieved despite the late Easter business and thus also attests to our stronger earnings power.
'With a view to the first four months of the year we have again already outperformed the year-earlier sales,' he added. 'This tells us: we continue on a profitable growth course.'
In its outlook statement, Metro said that political changes in north Africa and the natural disaster in Japan could still impact on the global economy, although, assuming a general economic recovery, it expects sales growth of more than 4 per cent for the year, as well as an increase in EBIT before special items of 10 per cent.
