Metro Group meets expectations despite turnover drop | RetailDetail

Metro Group meets expectations despite turnover drop

Metro Group meets expectations despite turnover drop

German company Metro Group has managed to meet analysts' expectations for the full year, despite a turnover drop. Galeria Kaufhof's sale yielded more than expected.

Like-for-like growth at Cash & Carry

Metro's total turnover reached 59.2 billion euro, a 1.2 % drop mostly because of negative exchange rate fluctuations. Prior to exchange rates, turnover had grown 0.5 %. The like-for-like turnover for the full fiscal year grew 1.5 %, while the fourth quarter turnover alone reached 14.2 billion euro (- 1.1 %), but that was also a 1.3 % like-for-like growth.

 

Metro Cash & Carry's full-year turnover dropped 2.7 % to 29.7 billion euro, but without exchange rate fluctuations, turnover remained stable and even experienced a 0.9 % like-for-like growth. In the fourth quarter, turnover dropped 3.2 % to 7.4 billion euro. In its home territory, Germany, it experienced slower fourth quarter like-for-like turnover drop, while there was a like-for-like turnover growth almost throughout the rest of Europe.

 

Real keeps shrinking

Multimedia group Media Saturn's turnover grew 3.6 % to 21.7 billion euro (+ 3.1 % on a like-for-like basis), while fourth quarter turnover grew 3 % to 5.1 billion euro. The major growth countries in Western Europe were the Netherlands, Spain, Italy and Sweden.

 

Department store chain Real dealt with a 2.6 % turnover drop to 7.7 billion euro, which was even a 0.8 % like-for-like turnover drop. The fourth quarter numbers are even worse, with a 3.6 % turnover drop and a 1.6 % like-for-like turnover drop compared to the year before.

 

Metro Group had 2,068 stores on 30 September, 5 more than a year before (excluding Galeria Kaufhof's stores that were sold). Real and Metro Cash & Carry both lowered their number of stores (- 14 and - 2 respectively), but Media-Saturn added another 21 stores in a year's time.

 

Metro Group sold Galeria Kaufhof to Hudson's Bay for 2.8 billion euro before the summer, a higher sum than expected. Metro will use the money for acquisitions and to improve its chains' customer service and online sales.

Questions or comments? Please feel free to contact the editors


Former Delhaize CEO Denis Knoops main shareholder in 1PopUpStore

24/05/2018

There is life after Delhaize: former Delhaize Belgium CEO, Denis Knoops, has become a majority shareholder at 1PopUpStore, which owns Chronostock, a company that is specialized in temporary stores.

“Urgent action needed against territorial supply constraints”

23/05/2018

(content provided by EuroCommerce) Speaking to mark the launch of the Benelux study on territorial supply constraints, EuroCommerce Director-General Christian Verschueren argued for the EU to act on big brands’ fragmentation of the European market.

Action owner 3i wants to keep chain after all

22/05/2018

Investor 3i wants to keep a hold of Action after all. Even though the owner made it seem like it was looking for a buyer, 3i now denies it.

Drastic measures for Marks & Spencer: 100 stores to shut down

22/05/2018

British retailer Marks & Spencer wants a strict restructuring: in the next four years, it wants to shut down 100 British stores (instead of 60). “We need to do this to safeguard the future”, it said.

Action owner wants to sell stake

18/05/2018

Action’s owner, investment firm 3i, aims to sell a part of the discount store chain next year. The Brits would want to sell a 35 % stake in the firm.

Belgian fund close to HEMA acquisition

09/05/2018

Belgian Core Equity holding is allegedly close to acquiring Dutch chain HEMA: a verbal agreement is apparently in place, all that is required are the signatures.