3. Selling expenses

In selling expenses, the previous year’s restructuring measures implemented at METRO Wholesale in particular resulted in markedly lower personnel expenses. At Real, lower wages and salaries and lower special payments have led to a reduction in staff costs.

Opposite effects in the cost of material result in particular from increased advertising measures at Real and lower advertising subsidies at METRO Wholesale. In addition, increased costs for recruitment and impairments in the financial year led to an increase in material costs at METRO Wholesale.