Metro: withdraws guidance due to lack of visibility

(CercleFinance.com) - German retailer Metro has decided to withdraw its guidance for the 2019/20 financial year, due to a lack of visibility over how long the Covid-19 pandemic induced shutdown will last.


Based on current developments, the company said that it expects that each additional month with current restriction levels will slice approximately 500 million euros off sales, or around 1.5% to 2% of full-year sales.

In a statement, the company said that "goods supply is assured" and that the vast majority of its stores (>95%) continue to operate for customers.

Yet, the company now plans to cut its costs, for example through the suspension of non-essential investments and hiring freezes at headquarters and in different countries, it said.

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