The sales and EBITDA outlook for the financial year 2020/21, which was published on 14 December 2020, was adjusted on 20 April 2021. This was due to the continuous prolongation and the high volatility of regulatory measures related to Covid-19. These measures continue to significantly restrict public life in many of the METRO countries. METRO had so far assumed that re-openings of hospitality businesses would be starting in April at the latest. This appears no longer realistic on a broad scale before June. The Management Board, however, is still convinced of the fast and substantial recovery of the hospitality and tourism industry upon release of the governmental restrictions and has seen evidence of this in the countries where hospitality businesses have been reopened partially or in full.
The Management Board therefore decided to adjust the outlook for financial year 2020/21 on 20 April 2021. Based on the updated assumption of hospitality re-openings broadly between June and August, METRO now expects
- Sales (both total sales and like-for-like) decline by approximately -3% to -6% to previous year (previously: slightly below previous year)
- EBITDA adjusted decline by roughly € -50 million to €-175 million to previous year (previously: decline by mid double-digit euro million amount)
The outlook assumes stable exchange rates and no further adjustments to the portfolio. The sensitivity of sales and earnings to the duration and severity of governmental restrictions is the highest for hospitality driven regions, esp. in the segment Western Europe. In contrast, the segments Russia and Asia are expected to perform better than the group.