Metro Group has announced its full-year results for 2009, with the economic downturn taking its toll on both group revenue, which fell 4 per cent to €66bn from €68bn in 2008, and net income, down 7 per cent to €519m from €558m the previous year.
Earnings before interest, taxation and special items dropped by 8.9 per cent to €2bn, down from €2.22bn in 2008
Adjusted for currency effects, total sales actually climbed by 0.2 per cent, while sales in Germany declined by 0.6 per cent to hit €26.5bn.
International sales were impacted by negative currency effects, according to Metro, and therefore fell 5.5 per cent to €39bn. Western European sales remained stable at €20.9bn, Asia/African sales jumped 4.8 per cent to €2.3bn, while Eastern European sales tumbled by 12.8 per cent to €15.8bn.
'The comprehensive reorganisation of the group bore gratifyingly fast fruit,' said Metro CEO Dr. Eckhard Cordes, adding: 'We have weathered the most severe economic crisis in 80 years. This is something the whole group can be proud of.'
Looking ahead, Metro predicted an uncertain 2010, but said that it would maintain its medium-term forecast of over 6 per cent sales growth per year, with sales expected to exceed 2009's level but still fall short of the target.
Mr Cordes added that Metro would this year look to expand on its current store portfolio of 2,127 outlets across 33 countries, with a particular focus on Eastern Europe and Asia. 'In the medium to long-term, these regions offer an enormous growth potential,' he noted.
Hot on the heels of announcing the results, Metro Group revealed plans to streamline its corporate structure, a move which it said would include merging of most of the management and administrative roles at Metro AG, the group's holding company, with those at its wholesale/cash and carry division Metro Cash & Carry.
Metro Cash & Carry, meanwhile, is to be split into two separate business units: one for Europe, Middle East and North Africa, and one for Asia and new markets.
