Report
Andreas Riemann

Metro AG : Q3 below, FY 2023 guidance confirmed, cautious tone on Germany

>Lower profits in Germany, HoReCa business weak in April and May - In Q3, which ended in June, Metro sales increased 6% y-o-y organically (consensus: 6%, ODDO BHFe: 7%) to € 7.6bn (consensus: € 8.1bn, ODDO BHFe: € 8.1bn), i.e. organic growth was in line but in reported terms it was 6% below the consensus (probably due to FX and portfolio effects). Regions: Germany and Western Europe both grew 2% in local FX owing to a weak HoReCa business in April and May. Russia was ...
Underlying
METRO AG

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.

Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Andreas Riemann

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