Metro AG : Q2 results in line. Rest of the year will be impacted by COVID-19 and is more uncertain
>Q2 2019-20 sales buoyed by stockpiling period triggered by COVID-19 crisis - Consolidated sales of € 6,006m in Q2 2019-20, +1.8% on a reported basis, a shade (0.7%) higher than our forecasts (in line with the consensus). L-f-l growth of 2.3% (vs +1% in Q1), giving overall momentum of +1.5% for the first half. With the exception of western Europe (where hotels and restaurants represent 65% of sales vs group average of 48%), we have understood that in the other regions...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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