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The bottom line in the second quarter of the current 2020/21 financial year was a loss of 131 million euros after a profit of 99 million euros in the previous three months, as the SDAX-listed company announced on Tuesday evening in Dsseldorf. The lockdowns hit the hotel and catering industry hard – both are important customers of METRO.
The loss in the second quarter resulted in a loss of 32 million euros in the first six months of the financial year. In the first half of 2019/20, when the first corona wave hit the industry hard, the bottom line was, however, a minus of 121 million euros in the income statement.
The board of directors, under the leadership of METRO boss Steffen Greubel since May 1st, now expects a comprehensive reopening of gastronomy and tourism between June and August. This should lead to a rapid and substantial recovery in the industry.
From January to March, sales shrank by 15.9 percent to EUR 5.05 billion compared to the same period in the previous year. The adjusted Ebitda (earnings before interest, taxes, depreciation and amortization) fell by 14.2 percent to 114 million euros.
The METRO management had already cut its targets for the current financial year in April. For the twelve months to the end of September 2021, the Management Board expects a decline in like-for-like sales and total sales by 3 to 6 percent compared to the previous year. Previously, he had targeted revenues slightly below the previous year’s level of almost 26 billion euros.
METRO expects Ebitda to decline by 50 to 175 million euros, after previously forecasting a decline in earnings in the mid double-digit million euro range. In the 2019/20 financial year, the Ebitda was 1.11 billion euros.
In early Wednesday trading, METRO stocks in XETRA business fell 1.64 percent to EUR 8.88.
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Image sources: Metro Group