Leading German retailer Metro has upped its revenue forecast for current year amid growing overseas sales.
World’s third largest retailer said underlying revenue during the three months to the end-September rose 7.1 per cent with operating profit being up 14.8 per cent to Euro 323 million.
So far this year, the sales had risen by 10.8 per cent to Euro 46 billion.
“The growth driver continues to be our international business,” Metro Chief Financial Officer (CFO), Thomas Unger.
“In view of the good business trend during the first nine months, we are raising our sales forecast to now over nine per cent,” he said.
Its sales in Asia and Eastern Europe jumped to 27 per cent and 26.8 per cent respectively. Its sales in Germany were boosted by the integration of Wal-Mart stores it bought last year and its consolidated sales in Germany rose 6.9 per cent.
The Wal-Mart stores have been integrated into Metro’s Real business. Metro said losses from its Real business widened to Euro 71 million during the third quarter of the year due to higher start-up costs linked to the company’s expansion into Eastern Europe.
However, the German retail expects full-year group profits to rise by six to eight per cent.
