Metro Group, the big German player in the cash & carry business and parent company of the Kaufhof department store chain, has lowered its outlook for the outgoing fiscal year both in terms of turnover and profit. The management said that overall sales would be slightly lower than last year's €67.3 billion. The same goes for earnings before interests and taxes (Ebit) which were €2.4 billion in 2010. Metro sees itself hurt by the global financial crisis and the resulting low consumption across Europe. The group reports on a poor start of the important Christmas selling season in various European countries.

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