Media Markt and Saturn’s parent company, Ceconomy, issued an alert warning it would probably have weaker first quarter results.
When it announced its annual results, Ceconomy boasted it would do better in its fiscal year 2017/2018, but at the end of its first quarter (which started in November), it has issued a profit alert.
The company’s EBIT reached 308 million euro in the past fiscal year, but this time around, its EBIT will most likely reach 260 million euro, a lot lower. Ceconomy points to the large amount of first quarter promotions, like November’s Black Friday for the weaker result. Turnover also managed a meagre 0.6 % increase, down from 4.6 % in the preceding fourth quarter.
Despite the weaker first quarter results, Ceconomy did confirm its full-year turnover and profit forecast. It will publish its full first quarter results on 9 February.