DUESSELDORF, Germany, April 30 (Reuters) - German retailer Metro (MEOG.DE) sees tentative signs that the worst of the economic crisis might be over, it said on Friday 30 April after reporting better-than-expected first-quarter results.

Photo: dpa

"In some countries, the worst of the economic crisis seems to be over. Although the situation remains challenging, we see a first economic silver lining on the horizon," Chief Executive Eckhard Cordes said.

Retailers were hit hard by the recession last year as consumers cut spending amid growing concern about their job prospects. The recent economic recovery has eased such worries and consumers are looking more optimistically into the future.

The GfK market research group's survey of German consumer sentiment -- a barometer for worries over the labour market -- showed morale is likely to rise to a six-month high in May as households' view of the economy and income expectations brighten.

Metro, the world's third-biggest retailer behind France's Carrefour (CARR.PA) and U.S. industry leader Wal-Mart (WMT.N), said the economic recovery gained traction in Western Europe and Asia, while developments in Eastern Europe were still sluggish.

Metro echoed comments by Carrefour earlier this month, which said the trading environment remained tough, but appeared to be stabilizing.

Metro posted a 55.9 percent rise in earnings before interest and tax (EBIT) before special items like restructuring charges to 136 million euros ($181.1 million) -- the first improvement in earnings since 2008 and beating the average estimate in a Reuters poll of analysts of 131 million euros.

Sales rose 2.3 percent to 15.5 billion euros, above estimates.

First-quarter results mainly benefitted from Metro's efficiency programme -- called Shape 2012 -- which it launched in January last year to fight the impact of the global economic downturn. Positive currency effects also helped.

Metro trades at around 14.9 times 12-month forward earnings, at a slight premium to Wal-Mart and Carrefour trading at 13.3 and 14.1 respectively, according to Thomson Reuters StarMine, which weights analyst estimates according to their track record.

($1=.7508 Euro)

(Reporting by Eva Kuehnen; Editing by Jon Loades-Carter)