DÜSSELDORF (dpa-AFX) - The Metro wholesale group continued to grow in the second fiscal quarter. However, the operating result declined. In addition, Metro again posted losses on the bottom line, even though these were lower than in the previous year. CEO Steffen Greubel sees his company on course. The operating earnings forecast for fiscal year 2022/23 (as of the end of September) was confirmed.

With sales, the wholesaler exceeded its expectation, wrote analyst Volker Bosse of Baader Bank in an initial reaction on Friday. He added that consumer confidence in the European Union had recently improved significantly and that the hospitality industry had started the year with rising sales. JPMorgan expert Borja Olcese spoke of a slow and steady recovery. Metro shares, which are listed on the SDax, fell slightly in the morning.

"Our customers are becoming more optimistic," CEO Greubel said in a conference call. Hotels and restaurants benefited from rising consumer confidence.

Sales in the quarter rose 10.4 percent year-on-year to 6.9 billion euros, Metro reported Thursday evening. According to the data, revenues increased both in the stationary and in the delivery business. The still small marketplace business also achieved robust growth. However, the delivery business remained the main driver. The company achieved higher sales in all regions except Russia. Business there remains difficult.

Adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) fell from 157 million euros in the previous year to 111 million euros, which Metro attributed mainly to expiring effects following the sale of the Real supermarket subsidiary. Higher costs also had a negative impact. In the previous year, Metro had also benefited from the sale of real estate.

The wholesaler posted a net loss of 107 million euros, compared with minus 284 million euros in the previous year. Overall, the figures were better than analysts had expected.

The company confirmed its full-year guidance, as well as its medium-term targets. For 2022/23, the Group so far expects currency-adjusted sales growth of five to ten percent. Adjusted Ebitda is expected to fall by 75 to 225 million euros from just under 1.4 billion euros in 2022.

After the first half of the year, Metro is on track, Greubel said. Sales adjusted for currency and portfolio effects reportedly rose by 11 percent in the first six months, while adjusted operating profit also declined by 120 million euros on a portfolio-adjusted basis.

In the current fiscal year, the wholesaler aims to return to the bottom line after a multi-million euro loss in connection with its Russian business. The sale of the India business, which Metro completed the previous day, is expected to contribute to this and positively impact earnings per share by around 0.30 euros. As a result, Metro is now forecasting earnings per share of 1.20 to 1.60 euros for 2022/23./nas/tav/mis