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Retail

Wholesaler Metro Sees Double-Digit Growth In Sales In Fourth Quarter

By Steve Wynne-Jones
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Wholesale giant Metro AG has reported a 11.8% increase in sales in the fourth quarter of its financial year, or 12.1% growth in euro-denominated terms.

The group said that growth was driven by all segments of its business, including store-based, delivery and Metro markets, and that sales growth for the period was 'in line with expectations'.

It added that the execution of its sCore strategy is 'progressing well'.

'Excellent Position'

“In Q4 2021/22, we have achieved a strong double-digit sales growth against a high comparison base," commented Steffen Greubel, chief executive of Metro AG. “We are in an excellent position for our mid-term sCore ambition of 3-5% sales and EBITDA CAGR until 2024/25.

"The next year continues to be challenging with high inflation and growing cost pressure. Nonetheless, we are ideally set up with our robust multichannel business model to serve our customer needs. We stay on course and keep investing into sustainable market share gains.”

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In the fourth quarter, sales in the group's 'East' segment reported 20.3% growth, while the 'West' segment saw 8.2% growth. Germany and Russia grew at 5.0% and 5.1% respectively.

Full-Year Sales

Sales for the full financial year grew by 20.4%, with the group reporting 'high single digit volume growth', Metro said.

Reported sales grew by 20.1% to €29.8 billion, with negative currency effects in Turkey offset 'to a high degree' by positive currency effects in Russia and other markets.

"We end the business year with high single digit volume growth and at the upper end of our twice-raised FY 2021/22 sales guidance," Greubel added.

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As of 30 September 2022, Metro's cash-and-carry store network comprises 661 locations.

© 2022 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.

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