Ceconomy (MediaMarkt) raises sales and profits

Ceconomy (the group that owns MediaMarkt and Saturn) says 2024 is surpassing its expectations. In the first half of the financial year, sales grew by 5 %.

Good start

Ceconomy is raising its expectations for this financial year, after releasing growth figures for the first half of the broken financial year. Especially in Western and Southern Europe, the electronics retailer is “satisfied” with the results. In the financial year, which ends in September, the German group is now counting on an adjusted profit of 290 to 310 million euros. Last financial year, its operating profit had already climbed 17 % to 243 million euros.

Ceconomy raised its turnover slightly in all segments. In the first half of the year, there was sales growth of 4.8 % excluding currency effects, or 3.9 % excluding new shop openings. In the last second quarter, sales grew by 6.5 % (and comparable sales by 5.1 %).

Operating profit (EBIT) went up 43 million euros to 253 million in the first two quarters. That was mainly thanks to the first quarter, though, as in the just-completed three months EBIT was barely five million.