Metro Group sales grow by 5.9%

The Metro Group has reported that its preliminary sales grew to EUR68 billion over the 2008 financial year. However, growth did not reach expected levels of more than 6%.

 The company said sales in the fourth
quarter, which includes the key Christmas trading period, rose 3% to
EUR20.1 billion, from EUR19.5 billion a year earlier, below
expectations for a 3.3% rise to EUR20.19 billion.

Sales in Germany grew by 2% with
international sales showing an increase of 8.5%. Eastern European
sales rose significantly by 15.3% to EUR18.1 billion in 2008. The
company said the strength of the euro as its operations in Eastern
Europe, the UK, Asia and Africa are producing lower sales when
translated into euros. Metro Group CEO Eckhard Cordes said that 2009
would be a difficult year as customers will think twice, where and
for what they spend their money.