February 17, 2013 / 6:20 PM / in 5 years

Metro AG to rein in on costs -CEO in paper

FRANKFURT, Feb 17 (Reuters) - German retailer Metro AG will keep costs under tight control to improve the group’s performance, its chief executive said in an interview.

“We are reviewing all our costs, including those for administration, our local subsidiaries and also the management board,” Olaf Koch told Sueddeutsche Zeitung, adding that business class tickets for short-haul flights were off the table.

Koch has sought to strip costs, lower prices and improve services, measures that could not prevent Metro to be demoted from the index of leading German shares in September.

Koch said he wanted Metro to return to the DAX index of Germany’s top 30 companies, but did not provide a specific target.

Metro has also been taking a tougher stance on underperforming divisions. It has sold off its UK and Moroccan cash-and-carry operations, as well as most of its Real hypermarkets in Eastern Europe. (Reporting by Christoph Steitz; Editing by Maureen Bavdek)

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