German Metro Group has seen its turnover drop slightly in its past fiscal year, as its food branch (including chains like Makro, Metro and Real) outperformed its electronics subsidiaries (Media Markt, Saturn and Redcoon).
58.4 billion euro turnover
In its fiscal year 2015-2016, which ended in September, Metro's turnover dropped 1.4 % to 58.4 billion euro, mainly because of negative exchange rate fluctuations. Looking at the turnover in local currency, it experienced a slight growth (up 0.4 %), while its like-for-like turnover remained almost stable (+ 0.2 %). Despite these numbers, the board maintains its previous forecast, that the gross annual profit would surpass that of the year before at 1.51 billion euro.
In its fourth quarter (July - August - September), like-for-like turnover grew 0.1 % while total turnover dropped 0.5 % to 14.2 billion euro. Its food wholesale division outperformed its electronics division. Media Markt and Saturn managed to keep hold of their turnover, but the Redcoon web shop faltered and had a sizeable turnover drop.
Metro Group also announced that its split, announced in March, into the wholesale and food activities on the one hand and the consumer electronics on the other hand, is on track.