BERLIN — Following a year of major restructuring, Metro Group reported record profits. Its net earnings before special items spiked 38.2 percent to 1.14 billion euros, or $1.51 billion. The company’s operating profit before special items increased 19.3 percent to 2.42 billion euros, or $3.19 billion.
As reported, the German retail giant, whose holdings include the Cash & Carry division, Galeria Kaufhof department stores, electronics chains, supermarkets and hypermarkets, posted sales of 67.3 billion euros, or $89.4 billion, up 2.6 percent on-year. Adjusted for currency effects, revenues grew 0.9 percent. In 2010, Metro opened 100 stores in 25 countries.
Dollar figures are converted at an average exchange rate for the period.
For the current fiscal year, Metro anticipates earnings growth before special items of 10 percent and adjusted sales gains of 4 percent. The retail group said it intends to open several new stores in 2011, including 40 Metro Cash & Carry doors, five Real hypermarkets and at least 70 Media Markt and Saturn consumer electronics stores.