Ceconomy achieved a sales growth of 2.2 % in its most recent fiancial year. The parent company of Media Markt and Saturn says it made “significant progress” despite the difficult circumstances in the electronics sector.
In the financial year ending in September, Ceconomy reached 22.2 billion euros in sales, which was a growth of 4.7 % when adjusted for exchange rate and portfolio effects. According to preliminary calculations, adjusted profit (EBIT) rose from 208 to 240 million euros.
CEO Karsten Wildberger commented that his company “made significant progress in the last financial year”. The electronics group was counting on a moderate increase in currency-adjusted sales and a big improvement in adjusted EBIT, which indeed materialised.
In the fourth quarter, growth slowed down due to subdued consumer confidence in most countries and Adjusted sales rose 2.4 % to 5.35 billion euros, while profits remained largely stable. Although entertainment products and game consoles were in high demand, people bought fewer television sets. Wildberger nevertheless looks forward to the year-end quarter with confidence.