Germany's largest retail trade concern METRO reported Wednesday that it achieved 56.4 billion euros (73.9 billion dollars) in sales turnover in 2004, up a real 5.3 per cent. The rise was slightly lower than the six per cent growth which company chairman Hans-Joachim Koerber had projected in October. Nominally, the 2004 sales were 5.5 per cent higher, but after were 5.3 per cent higher in real terms after adjusting for price rises. In 2003 the company's turnover was 53.95 billion euros. The METRO report comes a day after Europe's largest department store and mail order concern KarstadtQuelle reported that its sales fell by 7 per cent in 2004. The figures come in a retail sector still struggling as consumer demand in Germany's sluggish economy has so far failed to take off, analysts note. Retailers have had to engage in costly discount campaigns to win customers, putting a squeeze on earnings. Metro said its fourth-quarter turnover gained by 6 per cent to 16.8 billion euros with growth coming from its Cash & Carry wholesale unit and its consumer electronics stores Media Markt and Saturn.
