Metro Cash & Carry has posted a drop in like-for-like sales of 1.7% in 2010 despite what it said was an improved final quarter.

The German parent of loss-making wholesaler Makro said total sales in its cash & carry business were up 1.6% to €31.1bn (£25.86bn) over the year.

Revenues for Metro Group as a whole were up 2.6% to €67.3bn (£56bn) last year, with profits before special items set to hit a record €2.3bn.

Chief executive Eckhard Cordes said overseas growth would be the priority for the group.

“Looking back, 2010 was a successful year for Metro Group,” he said. “We pushed our efficiency and value-enhancing programme Shape 2012 consistently, laying the foundation for accelerating the international expansion.

“2011 is all about continuing the dynamic growth path. Our profitable growth will accelerate on the back of an increased expansion and productivity gains from Shape 2012.”

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Makro parent Metro improves in third quarter (2 November 2010)
Rivals say it's 'not if but when' hammered Makro will quit (analysis; 16 October 2010)