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Ceconomy, the parent company of MediaMarkt and Saturn, is performing well in German-speaking countries and Eastern Europe as customers are picking up their online orders in physical stores more often.
Clear strategy wins
Partly thanks to strong sales in Austria, Germany and Switzerland, Ceconomy managed to boost sales to 4.5 billion euros in the third quarter of its 2022/23 broken financial year. Sales did fall slightly in Western and Southern Europe, in what the electrical retailer calls a “challenging market”. The Netherlands is an exception, where growth was partly due to services.
Online’s share of sales fell from 22.9 to 20.9 %: according to the company, customers are picking up their online orders in physical stores more often. Ceconomy’s main achievement is that it managed to reduce its operating loss from 102 million euros last year to 60 million now.
CEO Karsten Wildberger says that the retailer’s clear strategy is winning the day for them: “We are making the journey step by step to a service-oriented platform that puts the customer first.” He is therefore optimistic about the growth prospects for the full financial year.
