The largest German retail chain Metro reported on Tuesday a 3.6 percent decrease in revenue last year compared to the previous year, due to a sharp decline in revenue from operations in Eastern Europe.
Metro’s revenue last year decreased to 65.5 billion euros, the company announced in a preliminary report. In the fourth quarter, the group’s revenue fell by 3.4 percent compared to the previous year, amounting to 19.4 billion euros, according to the preliminary business results of Metro. "In 2010, we also expect the continuation of a challenging macroeconomic environment," warned the company’s leader Eckhard Cordes during the presentation of the business results. He announced the opening of new stores in Eastern Europe, Asia, and Egypt as part of the plan to expand operations abroad. Cordes assessed the previous year as satisfactory for Metro despite the financial crisis that affected the global economy.
The decline in group revenue for 2009 followed a 12.8 percent drop in revenue from branches in Eastern European countries, further stated in the preliminary report. Revenue in the Asia-Pacific region increased by 4.7 percent last year compared to the previous year, but in the fourth quarter, it fell by eight percent compared to the same period the previous year. In the home market of Germany, Metro’s revenue decreased by 0.6 percent last year compared to 2008, while in the last quarter, it was down by 0.7 percent compared to the same period the previous year, further reported the German retail giant. Revenue in Western Europe, excluding Germany, decreased by 0.3 percent last year compared to the previous year, while in the fourth quarter, it was up by 1.1 percent year-on-year. (H)
