Metro: monster Christmas needed to meet profits target
Metro Group has cut its profits forecast for the year after third-quarter sales dropped by 2% to €16bn (£13.8bn).
The German retail group and owner of Makro Cash & Carry lowered its forecast for pre-tax profits growth from 10% to 5%. Achieving the original earnings target meant Christmas trading would have to be “distinctly better than last year”, it said.
Analysts were braced for a lower outlook. “We expect market reaction to be limited as Metro’s new target is in line with current consensus,” said Nomura analyst Nicolas Champ.
In the past quarter, the group reported a 38% increase in pre-tax profits to €614m – thanks largely to a one-off property sale.
Read more
Metro boss Cordes to go next year (10 October 2011)
Light at end of tunnel as Makro halves losses (8 October 2011)
Readers' comments (2)
MrBigfoot | 04 Nov 2011 17:49
Its a tough trading enviroment in the UK - big question is what do you want to do in the UK so we feel a litle more secure ????
Or will the UK be shut ?
Unsuitable or offensive? Report this comment
Slick Rick | 24 Nov 2011 23:30
It is tough in the UK, but with the current management team in place it is hard to see.
The previous board did bot have a clue. 100 m loses in 4 years.
I hope the decent people in Makro can turn it around, but the people that should not be there should be got rid of.
The accounts tell the picture.
Unsuitable or offensive? Report this comment