Cash-and-carry giant Metro has reported a 10.5% increase in sales in local currency in the second quarter of its financial year, with reported sales rising 10.4% to €6.9 billion.
The group said that the performance was driven by both the 'consistent implementation' of its sCore strategy, under which the group is seeking to maximise its value proposition, and continued inflation.
Adjusted EBITDA for the quarter stood at €111 million, down from €157 million the previous year.
It added that the recent acquisition of Swedish delivery service JHB will strengthen its foodservice delivery (FSD) business from the third quarter of this year, and marks its market entry in Scandinavia.
Second-Quarter Performance
In its core market of Germany, reported sales were up 8.7%, with its HoReCa business performing well, while adjusted EBITDA fell to €10 million. In its 'West' segment, which includes a number of European countries, reported sales rose by 9.4%, with adjusted EBITDA rising to €59 million.
In its East segment, which incudes markets such as Turkey and Ukraine, sales were up 21.0% in local currency, with sales rising in Ukraine for the first time since the start of the war, rising 3.0%.
In Russia, meanwhile, sales were down 14.4% in local currency, while adjusted EBITDA fell to €20 million, from €34 million the year before.
Read More: Metro AG Acquires Sweden's Johan i Hallen & Bergfalk
'Strategy Implementation'
Commenting on Metro's performance, Dr Steffen Greubel, chief executive said, "This is the result of a strong operating business due to our consistent strategy implementation as well as a further growing HoReCa sector benefiting from rising consumer confidence.
"Metro is growing in all channels and almost all segments and the wholesale optimisation of our stores and especially the expansion of our volume- based pricing model 'Buy More Pay Less' show visible success."
Read More: Metro Logistics Launches New Platform For E-Commerce Ordering
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