Shares in Metro Group fell by over 13 per cent after the German retailer issued a unexpected profit warning. The downgrade was based on a weak start to the pre-Christmas shopping period across Europe, said the retailer.
Metro now expects its full-year sales and underlying earnings to be down from last year’s results. Last month, the retailer said earnings were likely to grow by between 5 and 10 per cent.
Pre-Christmas trading was worse than expected, said outgoing CEO Eckhard Cordes, with austerity measures were being felt across “all sales divisions and national borders” in Europe. (7 Dec)
© 2011 - ESM: European Supermarket Magazine
ADVERTISEMENT
