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German retail giant Metro posts first quarter loss

German retail giant Metro posts first quarter loss

The German retail giant Metro said yesterday that its first quarter net loss deepened to 100 million euros (US$134 million) as sales slumped amid a gloomy economic climate.
Metro had posted a net loss of 15 million euros in the first three months of 2008.
Group sales slipped by 2.5 percent to 15.2 billion euros, a statement said.
Analysts polled by Dow Jones Newswires had forecast a lower net loss of 37 million euros but a slightly larger drop in sales to 15.1 billion euros.
Metro took 33 million euros in charges linked to the implementation of a cost-cutting program that should lead to the elimination of 15,000 posts.
Sales in eastern Europe, a region that has provided growth in recent years, fell by 10 percent, while German sales stabilized with a slight gain of 0.6 percent, the statement said.