Metro Must Focus On Emerging Markets To Offset European Structural Shifts

German retail giant Metro Group has reported an increase in underlying earnings and sales for the first quarter of its fiscal year aided by currency effects and cost savings under its Shape 2012 restructuring programme. For the three months to end-March, Metro's sales advanced by 2.3% to EUR15.5bn while earnings before interest and tax increased by 55.9% to EUR136mn. The results were ahead of expectations with Metro reporting improvements in its Western European and Asia operations. However, the firm's core cash and carry business continues to register negative growth (see chart 1). Metro's long-term fortunes look likely to be tied

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