{German retail giant Metro AG on Monday reported a four-percent decline in its yearly sales to 63 billion euros ($80 billion), largely because of a strong euro and divestments.}<\/p>\n
However the group said it would still meet its pre-tax operating profit of 1.75 billion euros for its 2013-2014 financial year, the full details of which would be given on December 16.<\/p>\n
Metro, whose rivals include Wal-Mart and Carrefour, said in a statement its Metro Cash & Carry hypermarkets, its Real supermarkets, and its online retail units Media Markt and Saturn all showed shrinking sales.<\/p>\n
But the 19 percent decline reported for the Real unit was in large part because of the sale of its eastern European operations to the French group Auchan, it said.<\/p>\n
Cash & Carry, which is heavily invested in Asia, suffered from a 2.1-percent slide because of a currency hit from the strong euro. Without that factor, that unit’s sales would have shown a two-percent increase.<\/p>\n
The only unit to show growth was the department store chain Kaufhof, which posted a 0.3-percent increase. Metro has long been looking to sell Kaufhof and has been restructuring it.<\/p>\n
AFP<\/p>\n","protected":false},"excerpt":{"rendered":"
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