Metro posts solid 2008 sales

FRANKFURT: The German retailer Metro posted solid provisional 2008 results on Tuesday, but remained prudent regarding its prospects for this year. Metro said sales had gained 5.9% to €68 billion ($91 billion), slightly below its target of a 6.0% increase. But it met for the most part the average forecast of analysts polled by Dow Jones Newswires, who had pencilled in sales of €68.04 billion. This year, however, will be a "very difficult year," Metro boss Eckhard Cordes was quoted by a statement as saying. The group therefore planned to cut costs and reduce investments by €1.6 billion.