German retailer Metro Group, owners of Makro in the UK, has reported a fall in profits despite increasing sales in its yearly results.
The group, which trades in 32 countries from 2195 stores, is among the world's largest retailers.

The group closed the financial year 2008 with what they called 'record sales and earnings'.

In the financial year 2008 the group increased its sales by 5.8% to €68bn, with figures adjusted by negative currency effects, group sales grew by 6.1% year-on-year.

In Western Europe group sales went up by 2.2% to €21bn, this despite its UK arm deciding to close outlets in Wolverhampton, Swansea and Coventry - making 378 people redundant.

Chief executive office of Metro Group, Eckhard Cordes, said: "In a distinctly more difficult economic environment we fully met our guidance for the financial year 2008.

"This is something that only very few companies have been able to achieve."