Germany-based Metro Group has reported on what it has described as a 'robust' third quarter of the year, with group sales across all operations down 4.6 per cent to €15.6bn and underlying earnings falling 1.2 per cent to €357m.
According to the group, relative stability in the face of the economic downturn was achieved through cost-cutting measures outlined in its Shape 2012 programme, launched at the beginning of the year, which also aims to help raise sales and enhance productivity.
'The consistent restructuring of the group is paying off,' said Metro CEO Eckhard Cordes. 'Shape 2012 is beginning to take effect.'
Group sales for the nine-month January-September period reached €46.1bn, down 3.7 per cent on the previous year, while earnings before special items stood at €748m, down from €855m in 2008.
In Germany, nine-month sales fell 0.5 per cent to €18.4bn, while western European sales dropped 0.9 per cent to hit €14.7bn.
Elsewhere, eastern European sales fell from €12.9bn in 2008 to €11.2bn, while Asian/African sales rose to €1.8bn from €1.6bn last year.
