Wholesale giant Metro AG has reported a 3.4% increase in sales in local currency, to €7.98 billion, in the third quarter of its financial year.
The group said that all sales channels contributed to its growth, with its delivery business – including its Food Service Distribution (FSD) operations – and its online marketplace leading the way.
Adjusted EBITDA for the period stood at €327 million, a slight decline on the previous year's €332 million.
Multichannel Model
"Our multichannel business model is showing its impact: Metro was able to maintain its growth momentum in the third quarter of 2023/24 despite declining inflation and a partly late start to the summer season due to weather conditions," commented Dr Steffen Greubel, CEO of Metro AG.
"The delivery business in particular once again recorded significant double-digit growth in the past quarter, reaching an all-time high with a 26% of sales."
Read More: METRO AG CEO Dr Steffen Greubel Discusses The Group's Wholesale Revolution
Region By Region
On a region by region basis, however, Metro reported a mixed performance in the third quarter.
In its home market of Germany, sales were down 2.4%, with the company citing a 'later start to the summer season' due to inclement weather. Adjusted EBITDA in Germany rose to €41 million, from €36 million in the period last year.
In its West segment, which includes its western European operations, sales were down 0.6% in the third quarter, while EBITDA stood at €191 million (2023 Q3: €195 million).
In Russia, meanwhile, sales grew by 13.0%, with EBITDA rising by €8 million (adjusted for currency effects). The group's East segment similarly posted a strong performance, with sales up 9.1% in local currency, and EBITDA rising from €89 million to €106 million.
Finally, the group's Others segment, which includes its Metro Markets division, saw sales increase to €77 million, up from €60 million the previous year.
"The transformation of our wholesale stores and the growth of our online marketplace are also making good progress. And with the reorganisation of the Management Board of Metro AG since June 2024, we have a powerful team to drive the sCore strategy forward even more efficiently and effectively in the future and to achieve our 2030 ambitions," Greubel added.
