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German retailer Metro says stiff headwinds may lie ahead

22 march 2011, 17:28
0
Eckhard Cordes, chairman of German retail giant Metro. @AFP
Eckhard Cordes, chairman of German retail giant Metro. @AFP
Metro, the third biggest global retail group, posted solid 2010 results Tuesday but could now be hit by government austerity measures, political unrest and effects of Asian catastophes and nuclear crisis, AFP reports.

The German rival of Wal-Mart and Carrefour warned of uncertainty to its target of a 10 percent increase in core earnings, with chief executive Eckhard Cordes saying: "We will see if the environment allows us to reach this goal."

Speaking during a press conference, Cordes noted "a series of clouds on the horizon" comprised of "potentially dangerous macro-economic factors that we cannot control."

In response, investors pushed Metro's share price sharply lower on the Frankfurt stock exchange.

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