Metro: strong third quarter like-for-like growth

Metro has reported a decent third quarter turnover growth, both on a like-for-like and reported basis, for the company’s first independent results since its split from Metro Group.

Strong growth for Metro Wholesale

Metro’s third quarter turnover grew 4.9 % to 9.3 billion euro, which represents a 2.6 % like-for-like turnover growth and a 2.3 % growth thanks to positive exchange rate fluctuations and acquisition of the French food service company Pro à Pro. Metro performed very well abroad, with a 7 % turnover increase, while German turnover grew almost 1 %. EBIT grew from 68 to 215 million euro and net profit also went up, from 53 to 75 million euro

Third quarter turnover at Metro Wholesale (previously Metro Cash & Carry) grew 6.1 % (2.6 % on a like-for-like basis). Real’s reported turnover grew 0.7 % as the chain experienced a 2.5 % like-for-like turnover growth.

Spread across the first three quarters, Metro’s like-for-like turnover grew 0.5 % and its overall turnover grew 1.9 % to 27.9 billion euro. EBIT did drop from 942 to 720 million euro, because of one-time Real and Metro Wholesale restructuring costs. The income generated from Metro Cash & Carry Vietnam’s sale in the previous year also impacted those results.

“Strong development”

“METRO has shown a strong operational development in the first quarter that we report on as an independent, stock listed company after the demerger of METRO GROUP”, Metro chairman Olaf Koch said. “The sustainable sales trend shows that we have become more relevant for our customers worldwide, a large proportion of which are restaurateurs.”

Back in July, German Metro Group split into Metro and Ceconomy. The latter includes Media Markt and Saturn. The split should enable both companies to set their own course, allowing for faster growth.