Ceconomy, the newly-formed electronics company that split off from the Metro Group, grew 1.1 % in its first independent quarter. The owner of Media Markt and Saturn saw its web shops outperform physical stores.
Growth in every region
Online was the main driver of the growth, as that division now contributes 10.6 % of total turnover (compared to 9.3 % last year). MediaMarktSaturn’s online turnover shot up 33 % and the entire company’s online sales expanded 16 % to 504 million euro. There was a 2.1 % turnover growth in the DACH region (Germany, Austria and Switzerland), mainly thanks to a strong performance in Germany. Western and Southern Europe posted a 1.4 % turnover increase, but Eastern Europe performed best, up 4.3 %.
The company’s losses were lowered once more in the third quarter: EBITDA grew, from a 26 million euro to a 4 million euro loss. Its EBIT also improved, from 83 million euro to 61 million euro in red.
“Multichannel is becoming the business model of the future and we are very well positioned in that regard, which once again confirms our position as the largest and leading platform for European consumer electronics,” CEO Pieter Haas said. “Our stake in Fnac Darty is a clear indication of our ambition to actively take part in the European market’s consolidation.”
Ceconomy was founded in July, when German Metro Group split into two separate companies. Its counterpart, Metro, also presented its first independent results today.