3. Selling expenses

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Mio. €

2014/15

2015/16

Personnel expenses

5,166

5,081

Cost of material

5,055

4,879

 

10,221

9,960

In selling expenses, the previous year’s store closures at Real Germany in particular resulted in markedly lower personnel expenses.

In the cost of material, store closures in the previous year and in financial year 2015/16 resulted in lower depreciation/amortisation/impairment losses, rental expenses and energy costs. The decline in depreciation/amortisation/impairment losses was also impacted by impairment losses at METRO Cash & Carry and in the real estate area in the previous year.

In addition, reduced advertising measures and higher advertising subsidies, particularly in the Media-Saturn segment, resulted in a lower cost of material.