Metro AG, the world's No 4 retailer, is stepping up investment in fast-growing emerging markets and the internet after beating 2010 profit forecasts, helped by cost cutting in weaker European markets. The German group, which runs cash & carries, electronics stores, hypermarkets and department stores, said on Tuesday it expected sales growth to accelerate this year and earnings to rise about 10 percent, provided the economic recovery continues.
That would suggest a figure of about 2.65 billion euros ($3.8 billion), in line with analysts' existing expectations. "It cannot be excluded that market conditions might deteriorate and affect the targeted earnings momentum," Metro added, citing the disaster in Japan, North African unrest and the weak finances of some European countries.
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