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Metro Q3 profits fall 35pc as shoppers rein in budgets – Retail in Asia

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Metro Q3 profits fall 35pc as shoppers rein in budgets

German retailer Metro reported a worse-than-expected 35 percent plunge in third-quarter profit, feeling the full force of a downturn in spending brought on by the euro zone debt crisis.

The group, which runs cash & carries, hypermarkets, consumer electronic shops and department stores, reported earnings before interest, tax (EBIT) and special items of EUR398 million (USD513.6m) on sales of EUR15.9 billion.