For financial year 2023/24, METRO had forecast year-on-year sales growth of around 3% to 7% (2022/23: 9%1) and a change in adjusted EBITDA of between €−100 million and €50 million. The outlook was based on the assumption of stable exchange rates and no further adjustments to the portfolio. Segment expectations were adjusted in Q3 2023/24 due to continuing high volatility and inflation. The overall outlook was left unchanged. A significantly smaller inflation effect was expected than in the previous year. We expected growth to be driven by all segments and all channels. All strategic KPIs were expected to undergo positive development. Sales growth in the segment Germany was expected to be below the outlook range. For the segment West, sales growth within the outlook range was expected, while the segments Russia (originally: at approximately the level of the previous year), East and Others were anticipated to be above the outlook range.
With total sales growth in local currency of 5.9%211, METRO achieved this target in the upper half of the outlook range (3% to 7%). In Germany, sales growth was below the outlook range, as expected, while growth in the segment West was slightly below expectations; this was attributable to persistent headwinds in the HoReCa sector anddelayed start to the summer season. Russia, the segment East and the segment Others grew above the outlook range. In the outlook view (currency- and portfolio-adjusted), all segments and delivery channels contributed to the growth.
Adjusted EBITDA decreased by €67 million211 in financial year 2023/24 in the outlook view and thus reached the lower end of the outlook range (change of between €−100 million and €50 million). In the segments Germany and West, adjusted EBITDA fell slightly short of expectations due to sales-related factors, while adjusted EBITDA in the segment East was moderately higher, as forecast. In Russia, adjusted EBITDA rose slightly, as forecast (originally: moderate decline). As forecast, adjusted EBITDA declined strongly in the segment Others due to the expiry of licence earnings from WM Holding (HK) Limited in the previous year and other post-transaction effects.
METRO achieved the sales and EBITDA targets for financial year 2023/24 within the outlook range.
1 Exchange-rate- and portfolio-adjusted.