German Metro Reports Profit Drop

Retail giant Metro (Frankfurt, Germany) reports its second-quarter net profit dropped 15.4 percent, attributed to restructuring charges and calendar effects. The retailer’s second-quarter sales grew 2.4 percent.

The company says its operating environment varied from region to region and that “emerging markets in Asia reported again very high growth dynamics.”

Metro, which operates the Saturn and Media Markt appliance and electronics chains, is the world's third-largest retailer behind Walmart and Carrefour. For the year, Metro expects sales to exceed last year's but fall short of the medium-term target level of six percent growth per year.