Over the last three months, Ceconomy, the parent company of MediaMarkt and Saturn, has seen comparable sales increase by around 8 per cent. However, in Germany, the group’s most important market, the recovery is slow.
Long-lasting German lockdown
Except for Germany and Portugal, Ceconomy achieved growth in just about every country. The total turnover in the period from April to June rose by 7.3 per cent to 4.4 billion euros, driven by continuing strong demand for new media (computer hardware, telecom products and accessories), TVs and household appliances.
In Germany, the long-lasting lockdown and strict Covid measures affected the retailer. Since all German stores have reopened, there has been a slight recovery. However, sales are not yet at pre-pandemic levels, says Ceconomy in an interim trading update.
Meanwhile, online sales continue to do very well, growing by 3.3 per cent. The company generated over a third of its revenue from e-commerce. The German electronics group will publish its full quarterly results on 12 August.