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Ceconomy: Quarterly Figures “Above Original Expectations”

According to preliminary figures, sales at Ceconomy fell by 8.4 percent in the third quarter of the 2019/2020 financial year. “This sales development is understood solely as a direct impact of the COVID-19 pandemic, which affected Ceconomy’s brick-and-mortar business due to the closure of the majority of stores in April,” said the Düsseldorf-based company on Thursday. The growing online business could only partially absorb this. Adjusted earnings before interest and taxes should be at the level of the same quarter of the previous year, in which a loss of 43 million euros was incurred.

The reopening of the markets allowed the business to gradually recover in May and June. This is reflected in “the preliminary financial results for the third quarter of 2019/20 that are above original expectations,” said Ceconomy.

For the entire business year 2019/2020, a slight decline in currency-adjusted total sales is now expected. On an adjusted basis, earnings before interest and taxes should be between EUR 165 million and EUR 185 million.

At a glance – Chart and News: Ceconomy St. (former Metro)

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