Metro AG : FY 2023-24 profit outlook lower than expected, further cost inflation
>Final FY 2022-23 results in line, lower operating profitability - Metro Last week released its final numbers for FY 2022-23 to end-September. FY sales (already announced in October) increased 6% organically y-o-y to € 30.6bn. Last week, it announced adjusted EBITDA of € 1,174m (the consensus was distorted due to one-offs, ODDO BHFe: € 1,178m), implying a margin of 3.8% down 80bp y-o-y, mainly on a lower gross margin. It also mentioned the delivery business grew 11%...Metro AG, formerly Metro Wholesale & Food Specialist AG, is a Germany-based international wholesale and food service business group and dedicated food specialist with a customer base in wholesale in approximately 35 countries in Europe and Asia. The Company business is carried out by two operating segments: the METRO Wholesale segment and the Real segment. The Company operates also as a retailer in the hypermarket segment of German grocery retail market. The Company operates internationally under brands METRO and Real. The Company operates approximately 751 warehouses in 25 countries and approximately 79 delivery depots. The Company also provides foodservice distribution via Classic Fine Foods group, Rungis Express group and Pro a Pro group.
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