German retailer Metro pays price for boss's pessimism

Europe’s third largest retailer’s share price was down 6.28 percent on Monday, the biggest faller on the Dax. According to its CEO, Olaf Koch, the eurozone crisis is hurting demand in Germany. He expects a significant impact on the group’s activity.

Only its wholesaler Cash & Carry is currently doing well. Not well enough though to make up for mediocre performances in its electronic stores Saturn and Media Markt. Metro developed its online offering last year, but returns have been slow to appear.

The company has suffered first quarter losses. This led it to cut costs and investments.

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