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Retail

Metro AG Seeking To Sell Operations In Belgium: Reports

Wholesaler Metro AG is seeking to sell its operations in Belgium, according to local media reports.

Media outlets L'Echo and De Tijd both reported that the cash and carry group is working with investment bank Rothschild to evaluate a number of 'strategic options' for its Belgian business.

According to both newspapers, discussions are already underway with potential suitors seeking to acquire the business.

Metro operates 17 outlets in Belgium; 11 under the Metro name, along with six Makro outlets. It opened its first stores in Belgium in 1970.

Its Belgium business reported turnover of €714 million in its 2019/20 financial year, as well as losses of €44 million, as well as a turnover of €738 million in 2018/19 (with losses of €67 million).

Metro Full-Year Performance

In December, Metro AG said that it expected sales growth of between 3% and 7% in its 2021/22 financial year, following a solid 2020/21 performance.

Full-year sales for the period came in at €24.8 billion, a 3.4% decline in euro-denominated terms due to currency effects in Russia and Turkey.

The group noted that its performance was largely driven by recovery in the second-half of its financial year, boosted by the re-opening of the hospitality sector.

“In the past financial year, Metro has proven its resilience and demonstrated its growth potential," Dr Steffen Greubel, CEO of Metro AG said at the time. "We have invested in our future growth so that we can emerge from the pandemic stronger together with our customers."

© 2022 European Supermarket Magazine. Article by Stephen Wynne-Jones. For more Retail news, click here. Click subscribe to sign up to ESM: European Supermarket Magazine.

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