German retailer Metro has reported that year-on-year group profit dropped 43.9 per cent to €84m during the first quarter of 2009, a result of negative currency and calendar effects.
Group sales fell 2.5 per cent from the corresponding period of 2008 to €15.2bn, although this represented a 3.6 per cent increase when adjusted for currency and calendar effects.
German sales jumped 0.6 per cent to €6.2bn, boosted by the 'excellent development' of Media Markt and Saturn, with international sales down 4.5 per cent to €8.9bn.
'We have seen a fair first quarter without surprises,' said Metro CEO Eckhard Cordes. 'Against the backdrop of the continued and intensifying economic crisis the only surprise is that there is no surprise.'
One area of disappointment proved to be the performance of Metro Cash & Carry in Germany, with sales down 6.4 per cent to €7bn. 'Business did not develop satisfactorily,' Mr Cordes noted. 'The figures demonstrated an acute need for a consistent restructuring of Metro Cash & Carry Germany.'
And he added that the current global financial crisis is throwing up opportunities for a financially strong group such as Metro to extend its market position. 'We are determined to seize these opportunities,' he said.
Capital expenditure through the three-month period totalled €245m compared with €340m in the first quarter of 2008, with the opening of nine new stores.
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