Metro Group reports its Q4 sales, which grew by 3.9% to €7.6bn (2.7% on a constant currency basis) and its full year sales which were up by 1.5% to €29.9bn (2.5% on a constant currency basis).
Sales by region
In Germany, Metro's domestic market, Cash & Carry sales were up 0.6% on a like for like basis, with sales in Western Europe up 2.2% (2% constant currency basis), driven primarily by Portugal, Spain and France. Eastern Europe also saw positive growth, with sales up 5.2% (5.4% constant currency basis) and Asia also performed well, growing by 7% across the region.
In Russia, sales were down 6.3% on a like for like basis (down 5.2% on a constant currency basis) as the environment remains challenging. Metro has implemented a number of initiatives to improve performance in the market, however these are taking longer than expected to have an effect.
For the group, like for like sales were up 2.5% in Q4, far exceeding its growth in the same period last year.
Full year sales mostly positive
For the full year, sales grew by 1.5% to €29.9bn, which was 2.4% growth on a like for like basis. In Germany, sales declined by 0.6% for the year, however across the region of Western Europe, sales were up 1.3% for the year, with Eastern Europe (excluding Russia) growing at 6.4%. In Russia, sales declined by 3.3%. Asia performed well, with sales up 6.3%.
The factors driving growth were primarily the development of the delivery business, as well as improved performance of its HoReCa and Trader channels. Since the split of its consumer electronics business into a separate company, Metro has been focusing on its wholesale business and has been able to accelerate growth. With plans to divest hypermarket banner Real in Germany, Metro Group will further these efforts by becoming an exclusive wholesaler.
Metro ended the year with 775 outlets across the group, a net increase of six from the prior year.
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