German retailer Metro Group has revealed that group sales through the first nine months of the year grew to €47.8bn, an increase of 7.1 per cent, defying the slowing global economic climate.
Domestically, Metro's sales rose 2.4 per cent during the third quarter of the year, meaning overall growth of 2 per cent to €18.5bn for the first nine months of 2008.
International sales increased by 10.6 per cent to €29.3bn during the period, with western European growth of 3.4 per cent to €14.8bn, eastern European sales up 19.3 per cent to €12.9bn, and African/Asian sales jumping 16.7 per cent to €1.6bn.
'Metro Group showed strength in a difficult environment,' said group chief executive officer Dr Eckhard Cordes. 'During the past nine months our business has continued to grow strongly.'
Sales at Metro Cash & Carry outlets rose by 6 per cent to €23.9bn, with an additional 11 outlets added to bring the total number to 626 locations. Eastern European sales saw particular growth, up 13.8 per cent to €9bn.
Despite this growth, the cash and carry business developed slowly in Germany during the nine-month period, the group said, dropping by 0.8 per cent on a like-for-like basis.
'The German wholesale business will be repositioned, we have resolved an extensive action programme to this effect,' Mr Cordes explained. 'Our goal is to restore the success of Metro Cash & Carry in Germany again.'
The retailer forecast that sales growth of more than 6 per cent was still achievable, but admitted that the financial climate left a measure of uncertainty with regards to sales, procurement and financing.
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