Latest / Omni Talk Retail / 💡 Metro AG CFO Eric Riegger on AI, Cybersecurity & Wholesale Growth | CGF 2025

Transcript

💡 Metro AG CFO Eric Riegger on AI, Cybersecurity & Wholesale Growth | CGF 2025 · Omni Talk Retail

• 0:00
  Hello,
• 0:00
  everyone.
• 0:01
  Welcome
• 0:01
  back.
• 0:02
  This
• 0:02
  is
• 0:02
  Omnitalk
• 0:03
  Retail
• 0:03
  coming
• 0:03
  to
• 0:03
  you
• 0:04
  live
• 0:04
  from
• 0:05
  the
• 0:05
  Consumer
• 0:05
  Goods
• 0:06
  Forum
• 0:06
  in
• 0:06
  the
• 0:06
  Vuzion
• 0:07
  Group
• 0:07
  booth.
• 0:08
  I
• 0:08
  am
• 0:08
  Anne
• 0:09
  Mazinga.
• 0:09
  And
• 0:09
  I'm
• 0:09
  Chris
• 0:10
  Walton.
• 0:10
  And
• 0:10
  today
• 0:11
  we
• 0:11
  have
• 0:11
  another
• 0:12
  special
• 0:12
  guest.
• 0:12
  We
• 0:13
  have
• 0:13
  Eric
• 0:13
  Rieger,
• 0:14
  who
• 0:14
  is
• 0:14
  the
• 0:14
  group
• 0:15
  Chief
• 0:15
  Financial
• 0:16
  officer@Metro
• 0:17
  AG.
• 0:17
  Eric,
• 0:18
  welcome.
• 0:19
  Thank
• 0:19
  you
• 0:19
  very
• 0:19
  much
• 0:19
  for
• 0:19
  having
• 0:20
  me
• 0:20
  here.
• 0:20
  Good,
• 0:21
  good.
• 0:21
  Yeah,
• 0:22
  I'm
• 0:22
  excited.
• 0:22
  We've
• 0:23
  got
• 0:23
  a
• 0:23
  CFO
• 0:23
  with
• 0:24
  us
• 0:24
  today
• 0:24
  and
• 0:25
  this
• 0:25
  is
• 0:25
  a
• 0:25
  rare
• 0:25
  treat
• 0:26
  for
• 0:26
  us.
• 0:26
  This
• 0:26
  is
• 0:26
  really
• 0:27
  exciting.
• 0:27
  So.
• 0:27
  So,
• 0:28
  Eric,
• 0:28
  why
• 0:28
  don't
• 0:28
  we
• 0:28
  start.
• 0:29
  Your
• 0:29
  background
• 0:29
  is
• 0:30
  fascinating,
• 0:30
  actually.
• 0:31
  It's
• 0:31
  steeped
• 0:31
  in
• 0:31
  retail,
• 0:32
  I
• 0:32
  think
• 0:32
  is
• 0:32
  the
• 0:32
  best
• 0:32
  way
• 0:33
  we
• 0:33
  could
• 0:33
  put
• 0:33
  it.
• 0:34
  Why
• 0:34
  don't
• 0:34
  you
• 0:34
  start
• 0:34
  off?
• 0:35
  But
• 0:35
  first
• 0:35
  tell
• 0:35
  us.
• 0:36
  We
• 0:36
  want
• 0:36
  to
• 0:36
  get
• 0:36
  into
• 0:36
  that.
• 0:36
  But
• 0:37
  first
• 0:37
  tell
• 0:37
  us
• 0:37
  a
• 0:37
  little
• 0:37
  bit
• 0:37
  about
• 0:37
  what
• 0:38
  Metro
• 0:38
  is
• 0:39
  and
• 0:39
  then
• 0:39
  what
• 0:39
  is
• 0:40
  your
• 0:40
  background
• 0:40
  as
• 0:40
  well?
• 0:41
  So
• 0:41
  Metro
• 0:41
  AG
• 0:42
  is
• 0:42
  largest
• 0:43
  wholesaler
• 0:44
  here
• 0:44
  in
• 0:45
  Europe
• 0:46
  and
• 0:48
  operating
• 0:48
  in
• 0:49
  30
• 0:49
  countries.
• 0:50
  More
• 0:50
  than
• 0:51
  600
• 0:51
  stores
• 0:53
  doing
• 0:53
  delivery,
• 0:54
  especially
• 0:55
  to
• 0:55
  restaurants
• 0:56
  and
• 0:56
  so
• 0:57
  on.
• 0:57
  So
• 0:58
  that's
• 0:58
  our
• 0:58
  focus.
• 0:59
  Okay,
• 0:59
  got
• 0:59
  it.
• 0:59
  And
• 1:00
  what
• 1:01
  did
• 1:01
  you
• 1:01
  do
• 1:01
  before
• 1:01
  you
• 1:02
  became
• 1:02
  cfo?
• 1:03
  So
• 1:03
  I
• 1:03
  worked
• 1:04
  a
• 1:04
  lot
• 1:04
  in
• 1:05
  discount
• 1:05
  retail.
• 1:06
  So
• 1:06
  I
• 1:06
  worked
• 1:06
  more
• 1:06
  than
• 1:07
  20
• 1:07
  years
• 1:08
  for
• 1:09
  German
• 1:10
  discount
• 1:10
  chains.
• 1:11
  I
• 1:11
  worked
• 1:11
  16
• 1:12
  years
• 1:12
  for
• 1:13
  Lidl
• 1:13
  and
• 1:13
  five
• 1:14
  years
• 1:14
  for
• 1:14
  Aldi.
• 1:15
  Wow.
• 1:15
  And
• 1:15
  10
• 1:15
  years
• 1:15
  of
• 1:16
  those
• 1:16
  were
• 1:16
  in
• 1:16
  the
• 1:16
  US
• 1:16
  if
• 1:17
  I'm
• 1:17
  not
• 1:17
  mistaken.
• 1:17
  Right?
• 1:18
  That's
• 1:18
  correct.
• 1:18
  So
• 1:18
  2015,
• 1:19
  I
• 1:19
  went
• 1:19
  over
• 1:20
  to
• 1:20
  the
• 1:20
  US,
• 1:21
  worked
• 1:21
  for
• 1:21
  Lidl
• 1:21
  US
• 1:22
  and
• 1:22
  and
• 1:22
  opened
• 1:23
  our
• 1:23
  first
• 1:23
  stores
• 1:23
  in
• 1:24
  2017
• 1:24
  there.
• 1:25
  Super
• 1:25
  exciting
• 1:27
  time
• 1:27
  as
• 1:28
  a
• 1:28
  kind
• 1:28
  of
• 1:28
  a
• 1:28
  startup
• 1:29
  there.
• 1:30
  And
• 1:30
  then
• 1:30
  I
• 1:31
  moved
• 1:31
  2019
• 1:31
  to
• 1:32
  Aldi
• 1:32
  in
• 1:32
  the
• 1:32
  US
• 1:33
  which
• 1:33
  was
• 1:34
  super
• 1:35
  exciting.
• 1:35
  Of
• 1:35
  course,
• 1:36
  as
• 1:36
  you
• 1:36
  know,
• 1:37
  Aldi
• 1:37
  is
• 1:37
  growing
• 1:37
  really
• 1:38
  fast,
• 1:38
  very,
• 1:38
  very
• 1:39
  fast.
• 1:39
  And
• 1:40
  I
• 1:40
  was
• 1:40
  happy
• 1:41
  to
• 1:41
  support
• 1:42
  and
• 1:42
  accelerate
• 1:43
  the
• 1:43
  expansion
• 1:43
  there.
• 1:43
  So
• 1:44
  that
• 1:44
  was
• 1:44
  really
• 1:44
  fascinating
• 1:45
  time.
• 1:45
  Yeah.
• 1:46
  Retailer
• 1:46
  to
• 1:46
  watch.
• 1:46
  And
• 1:47
  actually
• 1:47
  just
• 1:47
  named
• 1:47
  a
• 1:47
  new
• 1:48
  CEO,
• 1:48
  if
• 1:48
  I'm
• 1:48
  not
• 1:48
  mistaken,
• 1:49
  for
• 1:49
  the
• 1:49
  US
• 1:49
  too.
• 1:50
  Right.
• 1:51
  So
• 1:51
  I'm
• 1:52
  curious
• 1:52
  before
• 1:53
  I
• 1:53
  want
• 1:53
  to
• 1:53
  ask
• 1:54
  you
• 1:54
  too.
• 1:55
  10
• 1:55
  years
• 1:55
  in
• 1:55
  the
• 1:55
  US,
• 1:56
  lots
• 1:56
  of
• 1:56
  experience
• 1:56
  in
• 1:57
  Europe
• 1:57
  too.
• 1:57
  What
• 1:57
  is
• 1:58
  the
• 1:58
  biggest
• 1:58
  difference
• 1:58
  in
• 1:58
  your
• 1:59
  mind
• 1:59
  between
• 1:59
  US
• 2:00
  and
• 2:00
  European
• 2:01
  grocery?
• 2:02
  Oh,
• 2:03
  so
• 2:04
  yeah.
• 2:04
  So
• 2:04
  actually
• 2:05
  it's
• 2:05
  interesting
• 2:05
  that
• 2:07
  Aldi,
• 2:07
  you
• 2:08
  know,
• 2:08
  took
• 2:08
  so
• 2:08
  long
• 2:09
  in
• 2:09
  the
• 2:09
  year,
• 2:09
  so.
• 2:09
  Right.
• 2:10
  Aldi
• 2:10
  is,
• 2:11
  you
• 2:11
  know,
• 2:11
  many
• 2:12
  don't
• 2:12
  know
• 2:12
  that,
• 2:12
  but
• 2:13
  1976
• 2:14
  started
• 2:14
  in
• 2:15
  the
• 2:15
  US
• 2:15
  so
• 2:16
  everyone
• 2:16
  had
• 2:16
  to
• 2:16
  get.
• 2:17
  No,
• 2:17
  Aldi
• 2:18
  was
• 2:18
  the
• 2:18
  kind
• 2:18
  of
• 2:18
  the
• 2:19
  price
• 2:19
  to
• 2:20
  value
• 2:21
  leader
• 2:21
  and
• 2:22
  it
• 2:22
  took
• 2:22
  a
• 2:22
  long
• 2:23
  time
• 2:23
  that
• 2:23
  customers
• 2:24
  really
• 2:26
  took
• 2:26
  that
• 2:26
  up
• 2:27
  and
• 2:27
  of
• 2:27
  course
• 2:27
  Covid
• 2:28
  supported
• 2:28
  that.
• 2:29
  Right.
• 2:29
  This
• 2:29
  development
• 2:30
  was
• 2:30
  interesting
• 2:31
  much
• 2:31
  earlier
• 2:32
  in
• 2:32
  Europe.
• 2:33
  You
• 2:33
  see,
• 2:33
  the
• 2:34
  Schwarz
• 2:34
  Group
• 2:34
  is
• 2:35
  Lidl
• 2:36
  and
• 2:36
  Aldi
• 2:36
  is
• 2:37
  much
• 2:37
  stronger
• 2:37
  in
• 2:37
  Europe
• 2:38
  and
• 2:38
  you
• 2:38
  got
• 2:38
  High
• 2:39
  market
• 2:39
  shares
• 2:39
  already
• 2:40
  from
• 2:40
  them
• 2:41
  accelerating
• 2:41
  this
• 2:42
  value
• 2:42
  proposition
• 2:44
  and
• 2:44
  therefore
• 2:44
  coming
• 2:45
  back
• 2:45
  to
• 2:46
  Metro
• 2:46
  on
• 2:47
  this
• 2:47
  one.
• 2:48
  So
• 2:48
  we
• 2:48
  are
• 2:49
  coming
• 2:49
  for
• 2:50
  more
• 2:50
  from
• 2:51
  a
• 2:51
  mixture
• 2:51
  between
• 2:52
  retail
• 2:52
  and
• 2:52
  wholesale.
• 2:53
  Focusing
• 2:54
  now
• 2:54
  on
• 2:54
  wholesale,
• 2:55
  being
• 2:55
  more
• 2:56
  discount
• 2:56
  a
• 2:57
  bit
• 2:57
  as
• 2:57
  well
• 2:58
  in
• 2:58
  our
• 2:59
  assortment
• 2:59
  with
• 3:00
  being
• 3:00
  a
• 3:00
  lot
• 3:00
  of
• 3:00
  private
• 3:01
  label
• 3:01
  there.
• 3:01
  Okay,
• 3:02
  got
• 3:02
  it.
• 3:03
  Well
• 3:03
  Eric,
• 3:03
  I
• 3:04
  want
• 3:04
  to
• 3:04
  take
• 3:04
  a
• 3:04
  minute
• 3:04
  because
• 3:05
  as
• 3:05
  Chris
• 3:05
  mentioned,
• 3:06
  we
• 3:06
  have
• 3:06
  a
• 3:07
  CFO
• 3:07
  standing
• 3:08
  between
• 3:08
  us.
• 3:08
  There's
• 3:09
  a
• 3:09
  lot
• 3:09
  happening
• 3:10
  in
• 3:10
  the
• 3:10
  technology
• 3:11
  space,
• 3:11
  especially
• 3:12
  as
• 3:12
  it
• 3:12
  pertains
• 3:13
  to
• 3:13
  AI.
• 3:14
  So
• 3:14
  I
• 3:15
  want
• 3:15
  to
• 3:15
  ask
• 3:15
  you,
• 3:17
  how
• 3:17
  are
• 3:18
  you,
• 3:19
  you're
• 3:19
  the
• 3:19
  money
• 3:20
  man.
• 3:20
  How
• 3:20
  are
• 3:21
  you
• 3:21
  determining
• 3:23
  where
• 3:23
  and
• 3:24
  how
• 3:24
  you're
• 3:24
  going
• 3:25
  to
• 3:25
  invest
• 3:25
  in
• 3:25
  AI
• 3:26
  in
• 3:27
  terms
• 3:27
  of
• 3:27
  a
• 3:27
  capital
• 3:28
  investment
• 3:28
  right
• 3:29
  now?
• 3:29
  Yeah.
• 3:29
  So
• 3:30
  AI
• 3:30
  is
• 3:31
  really
• 3:31
  key
• 3:31
  for
• 3:32
  the
• 3:32
  future
• 3:32
  for
• 3:32
  us,
• 3:33
  that's
• 3:33
  for
• 3:34
  sure.
• 3:35
  Like
• 3:35
  I
• 3:35
  mentioned
• 3:36
  before,
• 3:36
  we
• 3:36
  are
• 3:36
  in
• 3:36
  more
• 3:37
  than
• 3:37
  30
• 3:37
  countries.
• 3:38
  Yes.
• 3:39
  And
• 3:39
  so
• 3:39
  we
• 3:39
  are
• 3:40
  currently
• 3:40
  harmonizing
• 3:41
  all
• 3:41
  the
• 3:41
  systems
• 3:42
  and
• 3:43
  but
• 3:43
  also
• 3:44
  on
• 3:44
  the
• 3:44
  same
• 3:45
  meta
• 3:46
  we
• 3:46
  also
• 3:47
  implementing
• 3:48
  AI
• 3:48
  and
• 3:49
  AI
• 3:49
  is
• 3:49
  accelerating
• 3:50
  so
• 3:50
  fast.
• 3:51
  So
• 3:51
  you
• 3:52
  have
• 3:52
  to
• 3:52
  adjust
• 3:52
  really,
• 3:53
  really
• 3:53
  quickly.
• 3:54
  Our
• 3:54
  investments
• 3:55
  is
• 3:55
  currently
• 3:55
  more
• 3:56
  in
• 3:56
  low
• 3:56
  hanging
• 3:57
  fruits.
• 3:57
  So
• 3:58
  there's
• 3:58
  a
• 3:58
  lot
• 3:58
  of
• 3:59
  AI
• 3:59
  applications
• 4:00
  which
• 4:01
  have
• 4:01
  a
• 4:01
  really
• 4:01
  good
• 4:01
  return
• 4:02
  on
• 4:02
  investment.
• 4:03
  Of
• 4:03
  course
• 4:03
  you
• 4:03
  have
• 4:04
  to
• 4:04
  see
• 4:04
  how
• 4:04
  all
• 4:04
  this
• 4:05
  software
• 4:06
  providers
• 4:06
  like
• 4:06
  SAP
• 4:07
  and
• 4:07
  others
• 4:08
  support
• 4:08
  that
• 4:08
  as
• 4:08
  well.
• 4:09
  But
• 4:09
  actually
• 4:09
  we
• 4:09
  are
• 4:10
  focusing
• 4:10
  on
• 4:11
  quick,
• 4:11
  quick
• 4:12
  returns
• 4:12
  at
• 4:12
  the
• 4:12
  moment.
• 4:13
  But
• 4:13
  of
• 4:13
  course
• 4:13
  having
• 4:13
  long
• 4:14
  without
• 4:14
  losing
• 4:15
  the
• 4:15
  long
• 4:15
  term.
• 4:16
  Is
• 4:16
  there
• 4:16
  anything
• 4:17
  that
• 4:17
  you
• 4:18
  are
• 4:19
  taking
• 4:20
  maybe
• 4:20
  a
• 4:20
  riskier
• 4:21
  bet
• 4:21
  on
• 4:21
  or
• 4:22
  that
• 4:22
  you're
• 4:22
  willing
• 4:23
  to
• 4:23
  experiment
• 4:23
  a
• 4:24
  little
• 4:24
  bit
• 4:24
  further
• 4:24
  with
• 4:25
  when
• 4:25
  it
• 4:25
  comes
• 4:25
  to
• 4:26
  technology,
• 4:27
  especially
• 4:28
  using
• 4:28
  AI
• 4:29
  versus
• 4:29
  those
• 4:29
  short
• 4:30
  roi?
• 4:31
  Yeah.
• 4:31
  So
• 4:32
  the
• 4:33
  advantage
• 4:33
  for
• 4:34
  Metro
• 4:34
  is
• 4:34
  we
• 4:34
  know
• 4:35
  our
• 4:35
  customers
• 4:35
  really
• 4:36
  well,
• 4:36
  so
• 4:36
  we
• 4:37
  know
• 4:37
  our,
• 4:38
  we
• 4:38
  have
• 4:38
  all
• 4:38
  the
• 4:39
  information
• 4:39
  compared
• 4:39
  to
• 4:40
  retail.
• 4:40
  Often
• 4:40
  you
• 4:40
  don't
• 4:41
  know
• 4:41
  your
• 4:41
  customers
• 4:41
  but
• 4:42
  we
• 4:42
  have
• 4:42
  a
• 4:42
  full
• 4:42
  program
• 4:43
  so
• 4:43
  we
• 4:43
  know
• 4:44
  what
• 4:44
  they
• 4:45
  actually
• 4:45
  have
• 4:45
  to
• 4:45
  order,
• 4:46
  what
• 4:46
  are
• 4:46
  they
• 4:47
  buying
• 4:47
  from
• 4:47
  us?
• 4:48
  So
• 4:48
  actually
• 4:49
  we
• 4:49
  use,
• 4:49
  we
• 4:50
  have
• 4:50
  a
• 4:50
  lot
• 4:50
  of
• 4:50
  data,
• 4:51
  so
• 4:51
  we
• 4:51
  have
• 4:51
  everything
• 4:52
  in
• 4:52
  the
• 4:52
  Google
• 4:52
  cloud
• 4:53
  already,
• 4:53
  all
• 4:53
  of
• 4:53
  our
• 4:54
  data.
• 4:54
  So
• 4:54
  actually
• 4:55
  we
• 4:55
  are
• 4:55
  really
• 4:55
  progressive
• 4:56
  on
• 4:56
  this
• 4:56
  and
• 4:57
  using
• 4:57
  our
• 4:57
  data
• 4:57
  in
• 4:58
  the
• 4:58
  future
• 4:58
  and
• 4:59
  this
• 4:59
  is
• 4:59
  where
• 5:00
  we
• 5:00
  really
• 5:00
  want
• 5:00
  to
• 5:00
  invest
• 5:01
  even
• 5:01
  more
• 5:01
  and
• 5:01
  even
• 5:02
  quicker.
• 5:02
  So
• 5:02
  data
• 5:02
  analysis,
• 5:04
  maybe
• 5:04
  customization,
• 5:06
  planning
• 5:07
  and
• 5:07
  forecasting,
• 5:07
  those
• 5:08
  are
• 5:08
  areas
• 5:08
  where
• 5:08
  you
• 5:08
  might
• 5:09
  be
• 5:09
  willing
• 5:09
  to
• 5:09
  take
• 5:10
  more
• 5:10
  of
• 5:10
  a
• 5:11
  leap
• 5:11
  with
• 5:11
  investing.
• 5:12
  That's
• 5:12
  right.
• 5:12
  Okay.
• 5:13
  Yeah.
• 5:13
  The
• 5:13
  big
• 5:13
  takeaway
• 5:13
  for
• 5:13
  me
• 5:14
  too
• 5:14
  is
• 5:14
  that
• 5:14
  you
• 5:14
  are
• 5:14
  investing
• 5:15
  in
• 5:15
  AI.
• 5:15
  I
• 5:15
  mean
• 5:15
  I
• 5:16
  read
• 5:16
  a
• 5:16
  report
• 5:16
  this
• 5:16
  week
• 5:16
  that
• 5:17
  said
• 5:17
  8%
• 5:18
  of
• 5:18
  CMOs
• 5:18
  are
• 5:18
  not
• 5:19
  investing
• 5:19
  in
• 5:19
  AI
• 5:20
  from
• 5:20
  a
• 5:20
  survey
• 5:21
  and
• 5:21
  I
• 5:21
  was
• 5:21
  like,
• 5:22
  what
• 5:22
  rock
• 5:22
  do
• 5:23
  you
• 5:23
  need
• 5:23
  to
• 5:23
  crawl
• 5:23
  out
• 5:23
  from
• 5:24
  under?
• 5:24
  You
• 5:24
  know,
• 5:24
  I
• 5:24
  mean
• 5:24
  that's
• 5:25
  my
• 5:25
  opinion,
• 5:25
  but
• 5:25
  I
• 5:26
  think
• 5:26
  you
• 5:26
  would
• 5:26
  probably
• 5:26
  share
• 5:26
  that
• 5:27
  same
• 5:27
  feeling
• 5:27
  that
• 5:27
  It's
• 5:28
  a,
• 5:28
  it's
• 5:28
  an
• 5:28
  important
• 5:28
  place
• 5:29
  to
• 5:29
  invest
• 5:29
  at
• 5:29
  this
• 5:29
  point.
• 5:30
  Yeah,
• 5:30
  no,
• 5:30
  that's
• 5:31
  true.
• 5:31
  And
• 5:31
  it's
• 5:32
  actually
• 5:32
  reflected
• 5:33
  here
• 5:33
  in
• 5:33
  the
• 5:33
  agenda
• 5:34
  for
• 5:34
  the
• 5:34
  Consumer
• 5:34
  Goods
• 5:35
  Forum
• 5:35
  as
• 5:35
  well.
• 5:35
  If
• 5:35
  you
• 5:36
  look
• 5:36
  at
• 5:36
  the
• 5:36
  agenda
• 5:36
  last
• 5:37
  year
• 5:37
  there
• 5:38
  barely
• 5:38
  was
• 5:39
  something
• 5:39
  regarding
• 5:39
  AI.
• 5:40
  Right
• 5:40
  now
• 5:40
  you
• 5:40
  look
• 5:41
  at
• 5:41
  this
• 5:41
  one.
• 5:41
  I
• 5:42
  was
• 5:42
  at
• 5:42
  the
• 5:42
  NF
• 5:42
  in
• 5:43
  New
• 5:43
  York
• 5:43
  in
• 5:44
  January,
• 5:44
  same
• 5:45
  there.
• 5:45
  AI
• 5:46
  is
• 5:46
  kind
• 5:46
  of
• 5:47
  all
• 5:47
  over
• 5:47
  the
• 5:47
  place
• 5:48
  and
• 5:48
  of
• 5:49
  course
• 5:49
  use
• 5:49
  cases
• 5:49
  have
• 5:50
  to
• 5:50
  fit
• 5:50
  for
• 5:50
  your
• 5:51
  purpose.
• 5:51
  Yeah,
• 5:52
  we
• 5:52
  always
• 5:52
  talk
• 5:52
  about,
• 5:52
  it
• 5:53
  feels
• 5:53
  like
• 5:53
  E
• 5:53
  commerce
• 5:54
  in
• 5:54
  the
• 5:54
  late
• 5:54
  90s
• 5:54
  again
• 5:55
  when
• 5:55
  it
• 5:55
  comes
• 5:55
  to
• 5:55
  AI
• 5:55
  and
• 5:56
  attending
• 5:56
  these
• 5:56
  conferences
• 5:57
  and,
• 5:57
  and
• 5:57
  how
• 5:57
  we're
• 5:58
  all
• 5:58
  trying
• 5:58
  to
• 5:58
  educate
• 5:58
  ourselves
• 5:59
  as
• 5:59
  quickly
• 5:59
  as
• 5:59
  possible.
• 6:00
  All
• 6:00
  right,
• 6:00
  I
• 6:00
  want
• 6:00
  to
• 6:01
  turn
• 6:01
  our
• 6:01
  attention
• 6:01
  now
• 6:01
  to
• 6:02
  another
• 6:02
  topic
• 6:03
  of
• 6:03
  the
• 6:03
  day
• 6:04
  that
• 6:04
  in
• 6:04
  the
• 6:05
  last
• 6:05
  few
• 6:05
  weeks,
• 6:05
  Anna
• 6:06
  and
• 6:06
  I
• 6:06
  can't
• 6:06
  stop
• 6:06
  talking
• 6:07
  enough
• 6:07
  about
• 6:07
  like
• 6:08
  it
• 6:08
  just
• 6:08
  keeps
• 6:08
  popping
• 6:09
  up
• 6:09
  and
• 6:09
  it,
• 6:10
  it
• 6:10
  started
• 6:10
  over
• 6:11
  here
• 6:11
  in
• 6:11
  Europe
• 6:11
  and
• 6:11
  now
• 6:11
  it
• 6:12
  seems
• 6:12
  like
• 6:12
  it's
• 6:12
  coming
• 6:12
  to
• 6:12
  the
• 6:13
  States
• 6:13
  and
• 6:13
  that
• 6:13
  is
• 6:13
  cybersecurity.
• 6:15
  How
• 6:15
  have
• 6:15
  you
• 6:15
  had
• 6:15
  to
• 6:15
  look
• 6:16
  at
• 6:16
  cybersecurity
• 6:16
  differently,
• 6:17
  you
• 6:18
  know,
• 6:18
  from
• 6:18
  your
• 6:18
  role
• 6:18
  as
• 6:18
  a
• 6:19
  CFO
• 6:19
  here
• 6:19
  over
• 6:19
  the
• 6:20
  last,
• 6:20
  you
• 6:20
  know,
• 6:21
  year
• 6:21
  particularly?
• 6:22
  Yeah,
• 6:22
  so
• 6:22
  actually
• 6:23
  I
• 6:23
  actually
• 6:23
  have
• 6:23
  to
• 6:23
  go
• 6:24
  even
• 6:24
  further
• 6:24
  back
• 6:26
  because
• 6:26
  cyber
• 6:27
  secure
• 6:27
  a
• 6:27
  couple
• 6:28
  of
• 6:28
  years
• 6:28
  was
• 6:29
  always
• 6:29
  under
• 6:29
  the
• 6:29
  radar.
• 6:32
  But
• 6:32
  we
• 6:32
  had
• 6:32
  a
• 6:32
  bigger
• 6:33
  cyber
• 6:33
  attack
• 6:34
  two
• 6:34
  to
• 6:34
  three
• 6:35
  years
• 6:35
  ago
• 6:36
  which
• 6:36
  impacted
• 6:37
  our
• 6:37
  business
• 6:37
  heavily.
• 6:38
  So
• 6:38
  we
• 6:38
  had
• 6:38
  to
• 6:39
  change
• 6:39
  our
• 6:39
  strategy.
• 6:41
  We
• 6:41
  were
• 6:42
  forced
• 6:42
  to.
• 6:42
  And
• 6:43
  there's
• 6:43
  of
• 6:43
  course
• 6:44
  a
• 6:44
  disadvantage
• 6:45
  if
• 6:45
  you
• 6:45
  have
• 6:46
  multiple
• 6:46
  systems,
• 6:48
  so
• 6:48
  many
• 6:48
  different
• 6:48
  interfaces.
• 6:49
  So
• 6:49
  actually
• 6:50
  what
• 6:50
  we
• 6:50
  have
• 6:50
  to
• 6:50
  do,
• 6:51
  harmonize
• 6:51
  the
• 6:51
  systems
• 6:52
  and
• 6:53
  then
• 6:53
  really
• 6:53
  bringing
• 6:54
  kind
• 6:54
  of
• 6:54
  a
• 6:54
  focus
• 6:55
  on
• 6:55
  cybersecurity.
• 6:56
  It
• 6:56
  is
• 6:57
  focused
• 6:57
  with
• 6:58
  our
• 6:58
  CEO
• 6:58
  as
• 6:58
  well.
• 6:59
  So
• 6:59
  it's
• 6:59
  kind
• 6:59
  of
• 7:00
  there
• 7:01
  was
• 7:01
  no
• 7:01
  chance
• 7:02
  to
• 7:02
  avoid
• 7:02
  this.
• 7:03
  So
• 7:03
  if
• 7:04
  you
• 7:04
  talk
• 7:04
  about
• 7:04
  topics
• 7:05
  cybersecurity
• 7:07
  top
• 7:07
  on
• 7:07
  our
• 7:08
  list,
• 7:08
  AI
• 7:08
  top
• 7:09
  on
• 7:09
  our
• 7:09
  list.
• 7:09
  So
• 7:09
  that's
• 7:10
  a
• 7:10
  couple
• 7:10
  of
• 7:11
  topics
• 7:11
  we
• 7:11
  really
• 7:12
  have
• 7:12
  to
• 7:12
  focus
• 7:12
  on,
• 7:13
  especially
• 7:13
  on
• 7:13
  the
• 7:13
  cyber
• 7:14
  security.
• 7:15
  We
• 7:15
  had
• 7:16
  to
• 7:16
  learn
• 7:16
  the
• 7:16
  huddlers.
• 7:17
  It
• 7:17
  was
• 7:17
  after
• 7:18
  I
• 7:18
  came
• 7:19
  afterwards,
• 7:19
  but
• 7:20
  actually
• 7:20
  we're
• 7:21
  still
• 7:21
  working
• 7:21
  on
• 7:21
  it.
• 7:22
  Yeah.
• 7:22
  So
• 7:22
  I
• 7:23
  got
• 7:23
  two
• 7:23
  follow
• 7:23
  up
• 7:23
  questions
• 7:23
  for
• 7:24
  you
• 7:24
  and
• 7:24
  maybe,
• 7:24
  and
• 7:24
  I
• 7:24
  don't
• 7:24
  know
• 7:24
  if
• 7:25
  you
• 7:25
  know
• 7:25
  this
• 7:25
  off
• 7:25
  the
• 7:25
  top
• 7:25
  of
• 7:25
  your
• 7:25
  head
• 7:26
  or
• 7:26
  not,
• 7:26
  but
• 7:26
  I'm
• 7:27
  curious,
• 7:27
  from
• 7:27
  a
• 7:27
  budget
• 7:28
  standpoint,
• 7:28
  like
• 7:28
  what
• 7:29
  percentage
• 7:29
  increase
• 7:30
  did
• 7:30
  you
• 7:30
  have
• 7:30
  to
• 7:30
  put
• 7:30
  towards
• 7:32
  cybersecurity
• 7:33
  in
• 7:33
  the
• 7:33
  budget
• 7:34
  to
• 7:34
  make
• 7:34
  sure
• 7:34
  it
• 7:34
  doesn't
• 7:35
  happen
• 7:35
  again?
• 7:35
  And
• 7:35
  then
• 7:36
  second
• 7:36
  question,
• 7:37
  what
• 7:37
  advice
• 7:38
  then
• 7:38
  do
• 7:38
  you
• 7:38
  have
• 7:38
  for
• 7:39
  the
• 7:39
  North
• 7:39
  American
• 7:40
  executives
• 7:41
  that
• 7:41
  are
• 7:41
  watching
• 7:41
  this
• 7:41
  in
• 7:41
  terms
• 7:42
  of
• 7:42
  how
• 7:42
  to
• 7:42
  deal
• 7:42
  with
• 7:42
  this
• 7:43
  so
• 7:43
  they
• 7:43
  don't
• 7:43
  have
• 7:43
  to
• 7:43
  learn
• 7:44
  the
• 7:44
  hard
• 7:44
  way?
• 7:45
  So
• 7:45
  you
• 7:45
  can't
• 7:46
  compare
• 7:46
  what
• 7:46
  we
• 7:46
  Spent
• 7:47
  beforehand
• 7:47
  what
• 7:47
  we're
• 7:48
  spending
• 7:48
  really?
• 7:49
  Because
• 7:49
  it's
• 7:49
  that
• 7:49
  different.
• 7:50
  It's
• 7:50
  so
• 7:50
  different.
• 7:51
  Wow.
• 7:51
  So
• 7:52
  you
• 7:52
  set
• 7:52
  up
• 7:52
  all
• 7:53
  this
• 7:53
  new.
• 7:53
  But
• 7:54
  I
• 7:54
  tell
• 7:54
  you,
• 7:54
  I
• 7:55
  didn't
• 7:55
  expect
• 7:55
  that.
• 7:56
  You
• 7:56
  know,
• 7:56
  on
• 7:56
  the
• 7:56
  first
• 7:57
  hand
• 7:57
  there's
• 7:57
  no
• 7:57
  return,
• 7:58
  official
• 7:58
  return
• 7:59
  on
• 7:59
  investment.
• 8:00
  But
• 8:00
  if
• 8:00
  you
• 8:00
  have
• 8:01
  to
• 8:01
  learn
• 8:01
  it,
• 8:01
  the
• 8:02
  hard
• 8:02
  lesson,
• 8:02
  just
• 8:04
  missing
• 8:04
  out
• 8:04
  on
• 8:05
  one,
• 8:05
  two
• 8:05
  days,
• 8:06
  maybe
• 8:06
  more
• 8:07
  on
• 8:07
  sales
• 8:08
  disruption
• 8:08
  of
• 8:08
  your
• 8:09
  business
• 8:09
  and
• 8:10
  our
• 8:10
  customers
• 8:10
  relying
• 8:11
  on
• 8:11
  our
• 8:11
  availability.
• 8:13
  So
• 8:13
  there
• 8:13
  is
• 8:13
  no
• 8:14
  alternative.
• 8:16
  So
• 8:16
  it's
• 8:16
  avoiding
• 8:17
  the
• 8:17
  negative
• 8:17
  that
• 8:17
  drives
• 8:17
  the
• 8:18
  roi.
• 8:18
  Wow,
• 8:19
  that's
• 8:19
  a
• 8:19
  great
• 8:19
  point.
• 8:20
  And
• 8:20
  maybe
• 8:21
  even
• 8:21
  more
• 8:21
  on
• 8:22
  that.
• 8:22
  Like
• 8:23
  what
• 8:23
  is
• 8:23
  the
• 8:24
  customer
• 8:24
  impact
• 8:25
  doesn't
• 8:25
  have
• 8:25
  to
• 8:25
  be
• 8:26
  specifically
• 8:26
  to
• 8:26
  Metro,
• 8:27
  but
• 8:27
  more
• 8:27
  broadly,
• 8:27
  I
• 8:27
  mean
• 8:28
  what
• 8:28
  does
• 8:28
  that
• 8:29
  do
• 8:29
  after
• 8:29
  a
• 8:29
  cyber
• 8:30
  attack
• 8:30
  like
• 8:30
  that?
• 8:31
  I
• 8:31
  mean
• 8:31
  are
• 8:32
  customers
• 8:32
  hesitant
• 8:33
  to
• 8:33
  come
• 8:33
  back
• 8:34
  because
• 8:34
  of
• 8:34
  privacy
• 8:35
  concerns?
• 8:35
  Are
• 8:35
  they
• 8:36
  like
• 8:36
  what's
• 8:37
  it
• 8:37
  doing
• 8:37
  to
• 8:37
  your
• 8:37
  customer
• 8:38
  base
• 8:38
  and
• 8:38
  what
• 8:38
  does
• 8:39
  that
• 8:39
  messaging
• 8:39
  have
• 8:39
  to
• 8:40
  be
• 8:40
  after?
• 8:41
  So
• 8:41
  our
• 8:41
  customers
• 8:42
  are
• 8:42
  really
• 8:43
  dependent
• 8:43
  on
• 8:44
  their
• 8:44
  daily
• 8:45
  ordering
• 8:46
  reliability.
• 8:47
  So
• 8:47
  we
• 8:47
  have
• 8:48
  available
• 8:49
  of
• 8:49
  more
• 8:50
  than
• 8:50
  98%
• 8:52
  and
• 8:52
  we
• 8:52
  want
• 8:52
  to
• 8:52
  continue
• 8:53
  this.
• 8:53
  If
• 8:53
  you
• 8:53
  can't
• 8:54
  order
• 8:54
  anymore,
• 8:54
  you
• 8:55
  can't
• 8:55
  pay
• 8:55
  at
• 8:55
  your
• 8:56
  cash
• 8:56
  out
• 8:56
  anymore.
• 8:57
  So
• 8:58
  this
• 8:58
  is
• 8:58
  kind
• 8:59
  of.
• 8:59
  So
• 8:59
  it
• 9:00
  was
• 9:00
  less
• 9:00
  kind
• 9:00
  of,
• 9:02
  it
• 9:02
  was
• 9:02
  especially
• 9:03
  reliability.
• 9:04
  So
• 9:04
  then
• 9:04
  of
• 9:05
  course
• 9:05
  customer
• 9:05
  has
• 9:05
  to
• 9:05
  say
• 9:06
  where
• 9:06
  else
• 9:06
  can
• 9:06
  I.
• 9:07
  Of
• 9:08
  course
• 9:08
  we
• 9:08
  are
• 9:08
  market
• 9:08
  leader
• 9:09
  in
• 9:09
  most
• 9:09
  of
• 9:09
  our
• 9:09
  markets
• 9:10
  so
• 9:10
  it
• 9:10
  took
• 9:11
  a
• 9:11
  while
• 9:11
  to
• 9:11
  actually
• 9:12
  kind
• 9:12
  of
• 9:12
  convince
• 9:13
  everyone
• 9:13
  to
• 9:13
  come
• 9:13
  back.
• 9:14
  So.
• 9:14
  But
• 9:15
  the
• 9:15
  disruption
• 9:16
  took
• 9:17
  a
• 9:17
  while
• 9:17
  but
• 9:17
  we
• 9:18
  are
• 9:18
  back
• 9:18
  on
• 9:18
  track.
• 9:18
  Right,
• 9:19
  but
• 9:19
  still
• 9:19
  worth
• 9:20
  investing
• 9:20
  in.
• 9:21
  Yeah,
• 9:22
  well,
• 9:22
  and
• 9:22
  also
• 9:22
  as
• 9:22
  a
• 9:22
  wholesaler
• 9:23
  you're
• 9:23
  kind
• 9:23
  of
• 9:23
  in
• 9:24
  the
• 9:24
  nexus
• 9:24
  of
• 9:25
  providing
• 9:25
  the
• 9:25
  goods
• 9:26
  to
• 9:26
  lots
• 9:26
  of
• 9:26
  different,
• 9:27
  you
• 9:27
  know,
• 9:27
  entities
• 9:28
  as
• 9:28
  well.
• 9:28
  So
• 9:28
  it's
• 9:28
  key
• 9:28
  for
• 9:29
  you
• 9:29
  to
• 9:29
  stay
• 9:29
  in
• 9:29
  operation,
• 9:30
  Right?
• 9:30
  Yes.
• 9:32
  Well,
• 9:32
  let's
• 9:33
  conclude
• 9:34
  by
• 9:34
  telling
• 9:35
  us
• 9:35
  what
• 9:36
  brings
• 9:36
  you
• 9:37
  here
• 9:37
  to
• 9:37
  the
• 9:37
  Consumer
• 9:38
  Goods
• 9:38
  forum,
• 9:38
  Eric.
• 9:39
  So
• 9:40
  Metro
• 9:41
  is
• 9:41
  a
• 9:41
  long
• 9:41
  term
• 9:42
  member
• 9:42
  of
• 9:42
  the
• 9:42
  Consumer
• 9:43
  Goods
• 9:43
  Forum.
• 9:45
  We
• 9:46
  had
• 9:46
  a
• 9:46
  lot
• 9:46
  of
• 9:46
  initiatives
• 9:47
  working
• 9:49
  on
• 9:49
  sustainability
• 9:50
  IT
• 9:50
  topics
• 9:51
  as
• 9:51
  well
• 9:51
  in
• 9:51
  the
• 9:51
  past.
• 9:53
  But
• 9:53
  for
• 9:53
  us
• 9:54
  it's
• 9:54
  a
• 9:54
  good
• 9:54
  combination
• 9:55
  to
• 9:55
  connect
• 9:55
  as
• 9:55
  well.
• 9:56
  We
• 9:56
  have
• 9:56
  a
• 9:56
  lot
• 9:56
  of
• 9:56
  supplier
• 9:57
  meetings
• 9:57
  but
• 9:57
  also
• 9:59
  getting
• 9:59
  the
• 10:00
  right
• 10:00
  network
• 10:00
  topics
• 10:01
  we
• 10:01
  want
• 10:01
  to
• 10:01
  discuss
• 10:02
  here
• 10:02
  and
• 10:03
  it's
• 10:03
  really
• 10:04
  a
• 10:04
  good
• 10:04
  community
• 10:05
  to
• 10:05
  meet
• 10:06
  the
• 10:06
  right
• 10:06
  people
• 10:06
  and
• 10:07
  to
• 10:07
  discuss
• 10:08
  the
• 10:08
  right
• 10:08
  topics.
• 10:09
  Yeah.
• 10:09
  And
• 10:09
  what
• 10:09
  have
• 10:09
  some
• 10:10
  of
• 10:10
  those
• 10:10
  topics
• 10:10
  been
• 10:11
  so
• 10:11
  far?
• 10:12
  So
• 10:12
  of
• 10:12
  course
• 10:13
  for
• 10:14
  Metro
• 10:14
  is
• 10:15
  of
• 10:15
  course
• 10:15
  our
• 10:16
  supplier
• 10:17
  conversations
• 10:18
  are
• 10:18
  key.
• 10:18
  We
• 10:19
  are
• 10:19
  not
• 10:19
  impacted
• 10:20
  really
• 10:20
  by
• 10:21
  tariffs
• 10:22
  with.
• 10:23
  Yes.
• 10:23
  So
• 10:23
  that's
• 10:24
  not
• 10:24
  at
• 10:24
  least
• 10:25
  one
• 10:25
  topic
• 10:25
  we
• 10:25
  can
• 10:25
  can
• 10:26
  avoid.
• 10:26
  But
• 10:27
  we
• 10:27
  have
• 10:27
  other
• 10:28
  topics
• 10:28
  to
• 10:29
  discuss.
• 10:29
  Of
• 10:29
  course
• 10:29
  inflation
• 10:31
  still
• 10:32
  still
• 10:32
  a
• 10:32
  topic
• 10:33
  and
• 10:34
  but
• 10:34
  also
• 10:36
  our
• 10:36
  expansion
• 10:36
  plans,
• 10:37
  how
• 10:37
  we
• 10:37
  want
• 10:37
  to
• 10:37
  move
• 10:38
  forward.
• 10:38
  We
• 10:39
  are
• 10:39
  in
• 10:39
  a
• 10:39
  big
• 10:39
  growth
• 10:39
  plan.
• 10:40
  We're
• 10:40
  growing
• 10:40
  by
• 10:41
  around
• 10:41
  7%
• 10:42
  every
• 10:42
  year.
• 10:42
  We
• 10:43
  want
• 10:43
  to
• 10:43
  continue
• 10:43
  this
• 10:44
  and
• 10:44
  still
• 10:45
  growing.
• 10:45
  So
• 10:45
  this
• 10:46
  is
• 10:46
  good
• 10:46
  exchange
• 10:47
  with
• 10:47
  other
• 10:47
  colleagues
• 10:48
  here.
• 10:48
  Yeah.
• 10:48
  Were
• 10:49
  there
• 10:49
  any
• 10:49
  sessions
• 10:50
  that
• 10:50
  you've
• 10:50
  seen
• 10:50
  seen
• 10:51
  or
• 10:51
  speakers
• 10:51
  that
• 10:51
  you've
• 10:52
  heard
• 10:52
  from
• 10:52
  that
• 10:52
  you're
• 10:53
  like,
• 10:53
  all
• 10:53
  right,
• 10:54
  that's
• 10:54
  something
• 10:54
  that
• 10:55
  I'm
• 10:55
  going
• 10:55
  to
• 10:55
  take
• 10:55
  home
• 10:55
  and
• 10:56
  think
• 10:56
  more
• 10:56
  about.
• 10:57
  Yeah,
• 10:57
  I
• 10:57
  know
• 10:58
  I
• 10:58
  really
• 10:58
  enjoyed
• 10:59
  some
• 10:59
  sessions.
• 10:59
  Especially
• 11:00
  the
• 11:00
  last
• 11:01
  one
• 11:01
  I
• 11:01
  recall
• 11:02
  is
• 11:02
  the
• 11:02
  Walmart
• 11:03
  session
• 11:03
  where
• 11:05
  Catherine
• 11:05
  did
• 11:05
  a
• 11:06
  great
• 11:06
  job
• 11:06
  explaining
• 11:07
  how
• 11:07
  they
• 11:07
  all
• 11:08
  they
• 11:08
  are
• 11:09
  retail
• 11:10
  but
• 11:10
  how
• 11:10
  they
• 11:11
  connect
• 11:11
  with
• 11:11
  their
• 11:11
  customers
• 11:12
  and
• 11:12
  how
• 11:13
  do
• 11:13
  they
• 11:13
  get
• 11:13
  their
• 11:14
  workforce
• 11:14
  in
• 11:15
  the
• 11:15
  right
• 11:15
  spot
• 11:16
  to
• 11:16
  to
• 11:16
  work
• 11:17
  on
• 11:17
  topics
• 11:17
  and
• 11:18
  get
• 11:18
  them
• 11:18
  on
• 11:18
  their
• 11:19
  right
• 11:19
  agenda.
• 11:19
  Really,
• 11:20
  really
• 11:20
  impressive.
• 11:20
  And
• 11:20
  they
• 11:21
  had
• 11:21
  some
• 11:21
  AI
• 11:21
  examples
• 11:22
  as
• 11:22
  well
• 11:22
  which
• 11:22
  were
• 11:23
  kind
• 11:23
  of
• 11:23
  impressive
• 11:24
  as
• 11:24
  well.
• 11:25
  How
• 11:25
  things
• 11:25
  are
• 11:26
  going
• 11:26
  speech
• 11:26
  to
• 11:26
  market.
• 11:26
  Really,
• 11:27
  really
• 11:27
  good
• 11:28
  presentation
• 11:29
  and
• 11:29
  they
• 11:29
  do.
• 11:29
  It
• 11:29
  at
• 11:29
  a
• 11:30
  scale
• 11:30
  unlike
• 11:30
  anyone
• 11:30
  else.
• 11:31
  Yeah.
• 11:31
  So
• 11:31
  and
• 11:32
  I,
• 11:32
  I
• 11:32
  from
• 11:32
  talking
• 11:33
  to
• 11:33
  you
• 11:33
  before
• 11:33
  we
• 11:33
  got
• 11:33
  started
• 11:34
  too,
• 11:34
  it
• 11:34
  sounds
• 11:34
  like
• 11:34
  you
• 11:34
  like
• 11:34
  to
• 11:35
  sample
• 11:35
  the
• 11:35
  food
• 11:35
  here
• 11:35
  too,
• 11:36
  that,
• 11:36
  that
• 11:36
  you
• 11:36
  like
• 11:37
  the
• 11:37
  Asian
• 11:37
  food
• 11:38
  samples
• 11:38
  as
• 11:38
  well,
• 11:39
  right
• 11:39
  Eric?
• 11:39
  Yeah,
• 11:39
  yeah,
• 11:40
  that's
• 11:40
  right.
• 11:40
  No,
• 11:40
  actually
• 11:42
  friend
• 11:42
  of
• 11:42
  us
• 11:42
  has
• 11:43
  Vietnamese
• 11:44
  food
• 11:44
  over
• 11:44
  there.
• 11:44
  Really
• 11:45
  enjoyed
• 11:45
  that
• 11:45
  one.
• 11:46
  So
• 11:46
  there's
• 11:46
  some
• 11:46
  good
• 11:47
  food.
• 11:47
  Yeah.
• 11:47
  Right.
• 11:47
  Awesome,
• 11:48
  awesome.
• 11:48
  And
• 11:48
  I,
• 11:48
  I'm
• 11:49
  now
• 11:49
  a
• 11:49
  food
• 11:49
  lover
• 11:50
  because
• 11:50
  of
• 11:50
  course
• 11:50
  we
• 11:50
  supplying
• 11:51
  so
• 11:51
  many
• 11:51
  restaurants
• 11:52
  so
• 11:52
  we
• 11:53
  are
• 11:53
  really
• 11:53
  close
• 11:53
  to
• 11:54
  our
• 11:54
  customers.
• 11:55
  So
• 11:56
  I
• 11:56
  really
• 11:56
  enjoy
• 11:56
  this
• 11:57
  story
• 11:58
  back.
• 11:58
  Like
• 11:58
  if
• 11:58
  you
• 11:59
  go
• 11:59
  to
• 11:59
  Little
• 11:59
  Aldi,
• 12:00
  there's
• 12:00
  not
• 12:00
  so
• 12:00
  much
• 12:00
  excited
• 12:01
  if
• 12:01
  you
• 12:01
  go
• 12:01
  to
• 12:01
  a
• 12:02
  store.
• 12:02
  So
• 12:02
  now
• 12:03
  with
• 12:03
  the
• 12:03
  Metro
• 12:04
  you
• 12:04
  got
• 12:05
  great.
• 12:05
  Somebody's
• 12:06
  got
• 12:06
  to
• 12:06
  do
• 12:06
  it.
• 12:06
  Yeah,
• 12:07
  someone
• 12:07
  has
• 12:07
  to
• 12:07
  do
• 12:08
  it.
• 12:08
  That
• 12:08
  was
• 12:08
  my
• 12:08
  favorite
• 12:08
  thing
• 12:09
  about
• 12:09
  working
• 12:09
  in
• 12:09
  groceries.
• 12:10
  You
• 12:10
  just
• 12:10
  could
• 12:10
  feel
• 12:11
  the
• 12:11
  product
• 12:11
  so
• 12:11
  viscerally,
• 12:12
  you
• 12:12
  know,
• 12:12
  it
• 12:13
  makes
• 12:13
  such
• 12:13
  a
• 12:13
  difference
• 12:13
  from
• 12:14
  a
• 12:14
  merchandising
• 12:14
  standpoint.
• 12:15
  All
• 12:15
  right,
• 12:15
  well
• 12:15
  thank
• 12:15
  you,
• 12:15
  Eric.
• 12:16
  Thanks
• 12:16
  so
• 12:16
  much
• 12:16
  for
• 12:16
  joining
• 12:17
  us,
• 12:17
  the
• 12:17
  CFO
• 12:18
  of
• 12:18
  the
• 12:18
  Metro
• 12:18
  Group.
• 12:19
  Thanks
• 12:19
  to
• 12:19
  the
• 12:19
  Fusion
• 12:20
  Group
• 12:20
  for
• 12:20
  supporting
• 12:21
  our
• 12:21
  coverage
• 12:21
  here
• 12:21
  in
• 12:22
  Amsterdam
• 12:22
  at
• 12:22
  the
• 12:23
  Consumer
• 12:23
  Goods
• 12:23
  Forum
• 12:23
  of
• 12:24
  2025.
• 12:25
  And
• 12:25
  we'll
• 12:25
  be
• 12:25
  back
• 12:26
  later
• 12:26
  today.
• 12:26
  And
• 12:26
  until
• 12:27
  then,
• 12:27
  Ann,
• 12:27
  be
• 12:28
  careful
• 12:28
  out
• 12:28
  there.