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Overview of group business development

The consistent implementation of the sCore strategy led to significant growth at METRO in financial year 2021/22, supported by a combination of rising inflation and strong momentum in the strategic customer segment. The company clearly exceeded pre-pandemic levels. It achieved high single-digit volume growth compared to the previous year, leading to further market share gains. All 3 channels (store-based business, delivery and METRO MARKETS) contributed to growth. The business developed better than expected throughout the year, which is why the Management Board raised the sales and earnings outlook for financial year 2021/22 twice.

Nevertheless, financial year 2021/22 was also influenced by various external factors. In addition to the support from inflation, the Russian war in Ukraine and the associated impairments as well as currency effects of the Russian currency had a negative impact on the annual result. The business development was also affected by portfolio decisions. There were 3 strategic acquisitions (C & C Abholgroßmärkte Gesellschaft m.b.H. [AGM]: store-based and delivery business in Austria; Eijsink: point-of-sale solutions for the hospitality industry; Günther Group: company specialising in professional kitchens) and one sale (operational business in Belgium).

In financial year 2021/22, sales in local currency increased by 20.4%. All segments contributed to this growth. High single-digit volume growth was achieved. Reported sales grew by 20.1% to €29.8 billion; negative currency effects in Turkey were largely offset by positive currency effects in Russia and other countries.

The adjusted EBITDA reached a total of €1,389 million in financial year 2021/22 (2020/21: €1,171 million) and thus returned to pre-pandemic levels1. Adjusted for currency effects, pre-pandemic levels were exceeded. The increase is particularly attributable to the strong sales development. The segments West and East contributed disproportionately to this positive development. However, expenses for further projects to implement the sCore strategy, which were mainly incurred in the Germany as well as the West and segment Others, had a negative impact on earnings. Adjusted for currency effects, EBITDA increased by €214 million compared to the same period of the previous year. Negative currency effects from the Turkish currency were overcompensated by positive exchange rate effects from Russia and other countries. Transformation costs of €123 million were incurred in financial year 2021/22 (2020/21: €65 million), mainly from the sale of the Belgian operational business.

The earnings contributions from real estate transactions amounted to €137 million (2020/21: €60 million) and resulted mainly from the sale of the remaining real estate portfolio in Japan after the market exit. The EBITDA reached a total of €1,403 million (2020/21: €1,166 million).

€ million








Adjusted EBITDA




Transformation costs




Earnings contributions from real estate transactions








In financial year 2021/22, METRO made good progress with the implementation of the strategy in the countries. This is also reflected in the strategic KPIs that METRO uses to implement the sCore strategy. Strategic customer sales share increased to 71% (2020/21: 66%), own brands sales share increased to 19% (2020/21: 17%), and stock availability increased slightly to 95% (2020/21: 95%). METRO’s FSD sales increased by 53.4% to €6.4 billion in financial year 2021/22 (2020/21: €4.2 billion), reaching a record sales share of 21% (2020/21: 17%); digital sales share increased to 9% (2020/21: 6%).

As of 30 September 2022, the store network comprised 661 stores, of which 567 were out-of-store (OOS) locations2, and 64 depots.

Multichannel sales development (in € million)



Store-based and other business






METRO MARKETS marketplace sales






sCore KPIs (%)



Strategic customer sales share



Own brand sales share



Availability of goods



FSD sales share



Digital sales share



Availability of goods
This is one of the key figures that METRO uses to measure and check the implementation status of the sCore strategy. The key figure indicates whether an item to be sold to the customer is physically in stock. It is calculated as the aggregate proportion of active items in METRO countries that are in stock at the end of the day relative to the total number of active items for the day (excluding ultra-fresh, tobacco and petrol). An item is considered active if it is expected to be available for sale in the stores at the given time.
Currency effects
Currency effects arise when the same number of currency units is converted into another currency at different exchange rates.
Digital sales share
This is one of the key figures that METRO uses to measure and check the implementation status of the sCore strategy. It shows the digital sales share in total sales excluding internal service companies. Digital sales include transactions where an order is placed by the customer via a digital medium without interaction with METRO and can be processed automatically.
EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation)
Profit or loss before financial result, income taxes, depreciation/amortisation/impairment losses/reversals of impairment losses on property, plant and equipment, intangible assets and investment properties. This key figure serves the purpose of comparing companies with accounting systems that follow different accounting rules. The (adjusted) EBITDA indicates EBITDA excluding earnings contributions from real estate transactions and transformation costs.
FSD (Food Service Distribution)
FSD (Food Service Distribution) is the channel that METRO developed in recent years to expand its offer in the B2B sector. In addition to its traditional store-based offering, METRO regularly supplies selected professional customers with food (and, in some cases, non-food) products via its FSD channel. METRO commits to deliver those products based on commercial and service agreements. With the FSD channel, METRO entered into the primary supply channel for professional HoReCa businesses, while tactically extending its reach to Traders customers in selected markets.
Own brands
Brand products with an attractive price/performance ratio developed by a retail company and protected by trademark law. The own brand sales share is one of the key figures that METRO uses to measure and verify the implementation status of the sCore strategy. It shows the share of own brand sales in total sales (based on the merchandise management system) excluding the segment Others.
Previous year Period of 12 months that is usually cited as a reference for statements in the annual report and refers to the financial year preceding the reporting year.
Strategic customer sales share
This is one of the key figures that METRO uses to measure and check the implementation status of the sCore strategy. It shows the sales share of strategic customers (HoReCa and Traders) in total customer sales (based on the merchandise management system) excluding the Segment Others.
Transformation costs
Non-recurring expenses related to the focus on the wholesale business and the restructuring measures resulting from this realignment as well as with the closure of individual national subsidiaries. Such expenses are presented separately in the financial reporting as transformation costs.
sCore strategy
METRO’s growth strategy, which is aligned to the year 2030. It highlights the group’s exclusive focus on wholesale.

1 Financial year 2018/19.

2 OOS refers to the existing METRO store network and includes METRO stores that supply from the store as well as stores that operate their own depot in the store.

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