Metro 2008 results

Metro CEO Per Mikael Jensen does not beat around the bush in the 2008 annual report of Metro International:

Towards the end of the year we saw drops in sales close to 50 percent in a few markets like Spain and Portugal, and even though we adapted to this new reality relatively quickly, we could not compensate lost sales with cost cutting quickly enough to save the results. Therefore an EBIT loss of € 20 million (before sale of shares in subsidiaries) is the poor and unsatisfactory result of 2008.

Jensen, however, sees a bright future for Metro:

That being said, many of Metro’s operations are still showing revenue growth and positive margins. Countries such as Holland, Brazil, Korea, Canada, Chile, all showed good results. For the full year 2008, 9 out of 20 operations were profitable. Countries like Sweden and Denmark benefited from market consolidation where Metro has played an active role and which is an important part of Metro’s strategy.

Next week more analysis of the annual report on the blog.

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