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(From FT Investor (Stories))
Metro, the world's fifth-largest retailer, on Friday reported stronger-than-expected earnings for the third quarter, as improved profitability helped offset the adverse effects of the summer's heatwave, which dampened retail sales across much of Europe.
Although Metro's sales performance across all divisions was disappointing, profit performance across the group exceeded expectations, analysts said.
The German retail giant saw a 12.4 per cent rise in earnings before interest and tax to [euro]211.3m ($245.1m). Group sales climbed 5.8 per cent in currency-adjusted terms to [euro]12.8bn, down from a 7.2 per cent gain a year …