Metro posts Q1 net loss

FRANKFURT, May 3 (AFP): Metro, the world's third-biggest retail distributor, posted Tuesday a first-quarter net loss of three million euros ($4.4 million) while maintaining its earnings targets for the year as a whole. Metro had reported a net loss of 16 million euros in the same period a year earlier, and analysts polled by Dow Jones Newswires had expected a a loss of almost as much this time around. Core earnings before interest, taxes and exceptional items increased by an annualised 6.6 per cent to 145 million euros, a statement said, mainly as a result of cost cutting and improved productivity. Sales by the group slipped slightly to 15.5 billion euros from 16 billion in the first quarter of 2010 meanwhile, though losses in Germany were almost offset by gains in eastern Europe.